IFAC has called for support from the G20 on the IFRS Foundation’s initiative on sustainability standards.
IFAC CEO Kevin Dancey said: “For society to transition out of the Covid-19 pandemic in a more sustainable, inclusive, and prosperous position than we entered it, we need a concerted effort from global policymakers and the accountancy profession. To seize these opportunities, we must act now.”
To strengthen economies, societies, and the environment, IFAC called on G20 leaders to:
- Support the IFRS Foundation Initiative on Sustainability Standards:Achieving a more sustainable and inclusive economy with the necessary speed requires mobilizing the private sector and governments to work together. The G20 Finance Ministers and Central Bank Governors have identified the critical role of high-quality and comparable data and disclosures in mobilizing sustainable finance. The B20 Finance & Infrastructure Task Force recognizes the same. Momentum is growing around developing a global baseline of sustainability standards, with the IFRS Foundation poised to deliver. IFAC strongly supports this crucial work.
Champion Public Financial Management:At the heart of public sector transparency and integrity—and prosperity for all individuals—is public financial management (PFM). A robust PFM system means that resources are appropriately allocated against public policy objectives that are in the public interest. Governments must endeavour to achieve the most with the resources they have, while minimizing loss through waste, fraud, or corruption—high quality PFM makes this happen. IFAC calls on the G20 to set an example for all jurisdictions worldwide in championing a continued focus on high-quality PFM.
The full call to action can be read here.