Advertising on the internet has taken a global step toward becoming more competitive with its TV and print counterparts.

The UK-based trade body, the Interactive Advertising Bureau claims new guidelines, which apply across the US, Europe and Asia, will simplify the buying, selling and measuring effectiveness of web advertising for all interested parties and lead to increased spend on the medium.

Internet companies AOL, Yahoo! and MSN, among others, hope the new standards will create a credible and comprehensible global advertising system and are recommending an independent audit process to increase confidence among advertisers.

Says Todd Teresi, vp of sales at Yahoo and chairman of IAB: "We are very pleased to announce this significant milestone in campaign measurement guidelines, which enables publishers to provide further transparency in the advertising sales medium and establish consistency for the marketplace."

Danny Meadow-Klue, president of IAB Europe concurs: "The internet industry is leaping at the challenges of building global standards. These are landmark moments in a truly groundbreaking medium."

Data sourced from; additional content by WARC staff