One set of international standards important for economic growth: world accountancy leaders.

Convergence to a single set of international standards is a key to economic development, according to a survey of worldwide leaders of the accounting profession conducted by the International Federation of Accountants. AICPA Chairman of the Board Randy Fletchall and AICPA President and CEO Barry Melancon were among the respondents.

Of the 143 leaders from 91 countries who responded, a large majority (89%) indicated convergence to international financial reporting standards was "very important" or "important" for economic growth in their countries. Nine percent said it was "somewhat important," and only 1% said it was not important.

"The sentiments expressed in the IFAC survey clearly show convergence is not only desirable, but essential in an economy that is quickly dissolving borders," Melancon said.

The majority of respondents (80%) expressed optimism about the prospects for economic growth and development in their countries in 2008. Major factors in economic expansion next year are likely to be the growth of small and medium entities and access to financial capital.

Most respondents cited staffing shortages as an issue for the profession, though in varying degrees of severity according to geography. Respondents in North America and the Asia-Pacific region reported significant...