On June 1, 2007, the International Federation of Accountants (IFAC) launched a global "Financial Reporting Supply Chain Survey" designed to obtain information that could strengthen the financial reporting process for publicly listed companies. The survey defines the financial reporting supply chain as "the chain of people and processes involved in the preparation, approval, audit, analysis and use of financial reports." All participants in the financial reporting supply chain, including investors and other users of financial reports, standard setters, preparers, auditors, academics, and regulators are encouraged to respond to the survey.
IFAC will use the survey responses and interviews to evaluate past recommendations it has made to improve the quality of the various links in the financial reporting supply chain, including those expressed in two previously-published IFAC reports:
- Rebuilding Public Confidence in Financial Reporting: An International Perspective (2003)
- Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs (2004)
IFAC will also identify newly emerging issues and innovations and develop proposals to further improve the quality of the financial reporting process.
To participate in the survey, visit http://www.ifac.org/financialreportingsurvey. IFAC estimates that it takes about 20 minutes to complete the survey. The deadline for responding is July 6, 2007. A final report will be issued by the end of the year and will be posted on the IFAC website.
