IFAC has issued a call for action to the Group of 20 (G20) for stronger governance across public and private sectors and a stable regulatory environment in order to enhance global economic stability.

IFAC’s call for action was issued ahead of the G20 meeting in China on 4 and 5 September. Highlighting the importance of the accountancy profession for the global economy in the proposal's forward, IFAC president, Olivia Kirtley, and IFAC CEO, Fayezul Choudhury, said that organisations and individuals must be empowered by strong governance in the business and public sectors, underpinned by a coherent public policy and regulatory environment.

To these ends, IFAC made eight recommendations to the G20, around two main themes.  

First, to strengthen governance for trust and integrity in business and public sector through facilitating and encourage the adoption of IPSAS, requiring the Financial Stability Board to encompass the public sector and promoting Integrated Reporting.

Second to promote a cooperative, consistent, and smart global regulatory environment through a push for IFRS and ISA adoption globally, cooperation on tax and establishing a permanent G20 secretariat.

“The global economic recovery is uneven, and social and political destabilization risks remain high in many parts of the world. To fortify the recovery, citizens and markets urgently need to see greater transparency across all organizations, which will help restore trust in the institutions that help underpin the world’s financial markets,” Choudhury said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The G-20 has new opportunities to create an environment of sustainable, inclusive growth that benefits the world’s citizens, he continued. “IFAC has consistently urged policy consensus and on-going cooperation between government, business, and the regulatory community. On behalf of the global profession, we renew that call today and ask the G-20 to put trust and transparency at the heart of the world’s economy.”

IFAC’s full recommendations to the G20 can be accessed here: Trust and integrity