Initiatives to promote global convergence to accountancy and auditing standards need to be stepped up quickly by governments and regulators, according to the International Federation of Accountants. The calls came at IFAC's G-20 Accountancy Summit last week, as a way of achieving consensus by the profession on the recommendations that will be made to G-20 leaders at the summit in September. Those who attended unanimously agreed that it would be in the public interest to aim for a single set of International Financial Reporting Standards. The debate is an ongoing one, with the US Financial Accounting Standards Board and the International Accounting Standards Board both facing pressure from governments and businesses that don't want to see a convergence of standards. But IFAC is certain that adopting a common standard is the best way forward. 'It is critical that national standard-setting bodies establish roadmaps to move toward adoption of International Financial Reporting Standards and International Standards on Auditing,' said IFAC president Robert Bunting. The accountancy group also called for the IASB to have robust governance structures in place to ensure its independence.