The CEOs of the six largest global audit networks have just put their collective support behind the Financial Accounting Standard Board’s (FASB) and the International Accounting Standard Board’s (IASB) efforts to create convergent accounting standards. “We are committed to facilitating the changes that will…come to business reporting,” they announce, in their newly-released Global Capital Markets and the Global Economy, and “we are keenly aware of mistakes made by some members of our profession.”

In the near term, the international branches of Ernst & Young, Deloitte, KPMG, BDO, PricewaterhouseCoopers, and Grant Thornton will be working with FASB and IASB to produce principle-based standards. “Today’s rules can produce financial statements that virtually no one understands.” The global leaders also plan to support convergence of national audit standards and minimizing the national difference in auditor oversight. To read the CEOs’ “Vision,” click here.