• Register
Return to: Home > News > Private Sector Taskforce calls for regulatory convergence

Private Sector Taskforce calls for regulatory convergence

A Private Sector Taskforce (PSTF), co-ordinated by the International Federation of Accountants (IFAC), has updated its 2011 report to the G-20 to push for greater regulatory convergence.

The taskforce stressed G-20 nations should identify and narrow gaps in regulatory practice and discourage nations from implementing unilateral national regulatory reforms inconsistent with international standards.

The update shows regulatory convergence has taken a step forward in introducing Legal Entity Identifiers and adopting IFRS and International Standards on Auditing.

However, convergence is not short of fragmented areas and IFAC chief executive Ian Ball said it is imperative the G-20 implements the PSTF’s initial 15 recommendations outlined in the 2011 report.

“It is equally important the G-20 evaluate and respond to crucial matters that have become even more critical since the report was issued, such as the sovereign debt crisis,” Ball said.

The PSTF was established in May 2011 at the request of the presidency of the G-20.  Co-ordinated by the IFAC, the taskforce includes the CFA Institute, INSOL International, the Institute of International Finance, the International Accounting Standards Board, the International Actuarial Association, the International Corporate Governance Network, the International Insurance Society and International Valuation Standards Council.

 

Top Content

    Audit for SMEs how wide should the net be?

    The European Federation of Accountants and Auditors for small and medium-sized enterprises (EFAA) president Bodo Richardt, and director, Paul Thompson share their views on a recent report by the Swedish National Audit Office on the supposed benefits of dropping audit requirements for SMEs. Interview by Vincent Huck

    read more

    Draft EU directive targets tax intermediaries

    Tax intermediaries involved in schemes that could be seen as being ‘of interest’ to the authorities will have to disclose this. The new rule also raises questions over the integrity of the profession. Joe Pickard reports

    read more

    Editor's letter: Arrivederci Accountancy

    Arrivederci Accountancy

    read more

    Comment: Cheesy take on tax

    Vincent Huck finds the arguments on compliance v ethics are full of holes

    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.