Sunshine and trust

摘要

From the first international congress of accounting bodies in 1904 onwards, the profession has recognised the value of international cooperation. Mirroring world economic trends, by the 1960s the profession's focus was accounting, auditing and financial reporting for the growing world economy. In 1973, the ICAEW and other leading institutes formed the International Accounting Standards Committee (now the IASB) and in 1977, the International Federation of Accountants (IFAC). IFAC was hailed as 'without doubt an important milestone in the history of the accounting profession worldwide'. Its goal was to assume a greater role on the world scene in initiatives by other world organisations that have an impact on the profession.