Robert Bunting, president of the International Federation of Accountants (IFAC)spoke out in favour of IFRS at a recent visit to the World Bank in Washington, but said SMEs would need special support to reduce the burden of legislation.

Bunting said that the global accounting profession should move decisively to implement a single set of high quality international financial reporting and auditing standards with the support of the World Bank.

“Implementation is vital to strengthening global financial systems, especially during this time of economic crisis,” stated Mr. Bunting.

However, he also pointed out that SMEs and micro entities would require special attention. "SMEs face challenges that are exacerbated in times of economic crisis—the ability to obtain capital and the rising costs of fuel, supplies, and other factors of production".

"We must take care not to further exacerbate these challenges through unnecessary and inappropriate re-regulation of the private sector and we must consider the cost burden of their meeting regulatory and compliance requirements", he said.