International managers back common standards
The Investment and Financial Services Association (IFSA) has welcomed a decision by the International Investment Funds Association (IIFA) to adopt a statement of principles recognising the important role of investment funds in global financial markets.
IFSA chief executive, Richard Gilbert, who has just returned from the International Investment Funds Association Conference in Washington, said the statement of principles also made reference to international accounting and that the IIFA had adopted a common position on the impact of international accounting standards on investment funds.
"IFSA welcomes any measures that will result in the convergence of meaningful financial reporting investors and looks forward to IIFA liaising with the International Accounting Standards Board to achieve this result," Gilbert said.
Gilbert said the adoption of a common position on the impact of international accounting standards was of great significance to the Australian managed investments industry which was now the fourth largest in the world.
"Australia is already well advanced in terms of meeting the four principles adopted at the IIFA meeting and I look forward to reporting on our progress at next year's IIFA meeting," he said.
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