• Register
Return to: Home > News > Regulation > IFAC calls for swift action from G20

IFAC calls for swift action from G20

The International Federation of Accountants (IFAC) has written to G20 ministers calling for improvements to government transparency and accountability as a means toward global fiscal sustainability.

“Governments require that private sector companies report high-quality financial information to their investors and stakeholders. It’s time for the public sector to practice what it preaches,” IFAC chief executive Ian Ball said.

In its letter IFAC recommended G20 ministers should:

  • Encourage governments to adopt accrual-based accounting;
  • Improve transparency and accountability of stimulus programs and bailouts; and,
  • Adopt international standards to improve the quality of financial information.

“The problems associated with public finance and government debt requires a coordinated, international approach that global leaders have been slow to address, Ball added.

“Sovereign debt concerns in European countries illustrate the stark implications and urgency of this issue – confidence in sovereign debt has been seriously damaged by accounting and auditing failures. These failures have occurred not only on the national level but also on the regional, state and local levels.”

IFAC also called on the G20 to demand their governments provide a comprehensive picture of fiscal performance and position, urging the accounting profession to take leadership.

“The accountancy profession is in a unique position to inform and support governments and provide a practical and technical understanding of many issues related to the crisis,” IFAC wrote.

The next G20 meeting will take place on 26-27 June in Toronto, Canada.


Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.