Leading International Accounting Figure Calls for Strengthening of International Regulatory Framework & Adoption of Global Standards`

Leading International Accounting Figure Calls for Strengthening of International Regulatory Framework & Adoption of Global Standards`

• Senior global accountancy figure calls for enhanced regulation and strengthened transparency, also calls for single set of accounting & financial reporting standards for public & private sectors
• Launch of new corporate identity for Accounting Technicians Ireland

June 24th 2009: A senior international accounting figure has called for better global financial regulation and stronger corporate governance practices in Ireland and overseas, as a means of supporting economic recovery.

Speaking at the launch today of the new corporate identity of Accounting Technicians Ireland, Ian Ball, CEO of the International Federation of Accountants (IFAC), comprised of 157 accountancy organizations worldwide, said: "The difficulties that are facing banks and other financial institutions in Ireland and around the world stem in significant part from weaknesses in financial regulatory regimes in terms of detecting and managing systemic risks."

Mr. Ball said that IFAC had made submissions to the G20 Working Groups with recommendations on enhancing the transparency of financial institutions. IFAC also made specific recommendations on supporting the World Bank and other multilateral development banks in efforts to help countries to improve their financial management capabilities and to strengthen their financial reporting infrastructures.

Minister of State for Trade and Commerce, Billy Kelleher TD, who was also at the launch today, said: "The required upturn in our economic fortunes will depend on our having the appropriate regulatory and corporate governance structures in place. This is essential to increase confidence in our economy, among both multinational and local companies".

"Organisations like Accounting Technicians Ireland have an important role to play in promoting necessary reforms among its members and the wider accounting and business sectors. Moves by IFAC and its constituent bodies, like Accounting Technicians Ireland, to push for these reforms are to be welcomed," said Mr. Kelleher.

Accounting Technicians Ireland has launched its new corporate identity as part of plans to further increase the profile of accounting technicians and the organisation itself. The new identity is to be used to promote the role that accounting technicians play in the Irish economy, across a range of business sectors, according to Aidan Collins, newly appointed President of Accounting Technicians Ireland.

Under its new corporate identity, Accounting Technicians Ireland also plans to begin delivery of its own courses later this year, in addition to providing its curriculum through existing third party colleges.

"The self delivery of our own courses from our own premises in Dublin will be a huge step forward in our evolution as a professional body. Our new corporate identity will be an essential tool for promoting the programme among new and existing members, and throughout the wider business sector," said Mr. Collins.

"Ultimately, today's corporate identity launch marks a coming of age for the accounting technician profession in Ireland. Accounting technicians play an important role across all sections of the Irish economy and our mission is to continue to enhance our ability to support the professional and academic goals of our members," he said.

Other proposed measures regarding financial services reform were discussed at today's event. Mr. Ball said that, in addition to its recommendations on financial regulatory reform, IFAC has called for the adoption of a single set of standards for accounting and financial reporting in the public and private sectors.

Launch event of Accounting Technicians Ireland, 24th July 2009. (L-R) Gay Sheehan (Chief Executive, Accounting Technicians Ireland), Aidan Collins (President, Accounting Technicians Ireland), and Ian Ball (Chief Executive, International Federation of Accountants).