G-20 recommendations for convergence of global accounting standards have been labelled 'imperative' by the global chairman of Big Four firm Ernst & Young. James Turley, the global chairman and chief executive officer of the firm said the move was a critical step for countries moving towards adopting a single set of financial reporting standards. 'It is imperative that there is one set of financial reporting standards for the world if the quality and comparability of investor information is to be protected,' he said. More than 100 countries have so far committed to using the IFRS, including China, Canada and Australia. The US Securities and Exchange Commission is still working on a roadmap, but amid fears that it has cooled to the idea of convergence, has said its move to IFRS by 2014 was a 'priority'. 'The past 18 months have shown just how globally connected the economies of the world have become,' Turley added. He urged collaboration to avoid 'a race to the bottom' by political and industry influences playing 'one standard setter off of the other'. 'That is a losing prescription for global economic growth and development, not to mention transparency to investors,' he said. 'All countries must ultimately commit to adopt IFRS,' the Big Four chief added.