Home >  Blog >  The Future of Global Financial Reporting

The Future of Global Financial Reporting

Posted by Chris Westworth on 11 April 2014

The IFRS Foundation Stakeholder Event

The IFRS Foundation Stakeholder Event on The Future of Global Financial Reporting at Luna Park in Sydney on Wednesday evening was a great event.

We often focus on the difficulties in getting a common approach on the big issues such as leases and revenues, so it was good to be reminded of just how far we have come in terms of international convergence of standards and how much has been achieved.  15 years ago, there were multiple local GAAPs and US GAAP reconciliations were a big issue.  Now we are down to two systems accepted in major capital markets, US GAAP and IFRS, with the FASB and IASB working together on a number of issues and GAAP reconciliations are a thing of the past.  If standard setting is in the hands of the articulate, committed professionals we saw on Wednesday, the future of global standard setting appears bright.  Renewed focus on making reports more meaningful by applying materiality and reducing unnecessary disclosures is the way forward.

Author:Chris Westworth

Current NEWS

Expert Conferences and Joint Reports

Aug 20 2021
Chris has put together some thoughts on partici...

Change of Address

Mar 23 2021
We are now at Suite 27, Level 11, 66 Clarence S...

Still open for business and here is our latest newsletter

Apr 24 2020
Physical distancing has provided the opportunit...

Litigation Support

Chris and Stephanie act as consultants and experts (“clean” and “dirty” experts) in the context of dispute resolution on a variety of financial reporting and audit issues.

Read more>>


Westworth Kemp Consultants can provide support to businesses, professional practices and regulators seeking to implement systems designed to foster compliance

read more>>


Independent advice on the interpretation of auditing (or assurance) and accounting (or financial reporting) standards can be hard to find.

read more>>

© Copyright Westworth Kemp Consultants 2012.
Website design and development by Snap (St Leonards)