The International Federation of Accountants (IFAC) has issued a number of recommendations to the G20 countries calling upon them to raise governance standards, promote greater transparency and regulatory consistency.
The recommendations were issued ahead of the G20 Summit which will be held in Germany in early July this year.
IFAC suggested that raising governance standards across all economic sectors could lead to increased transparency and accountability and is essential in regaining public’s trust and inspiring confidence in business development. Strong governance is also important in achieving G20’s objectives of building resilience, improving sustainability, and assuming responsibility, IFAC argued.
In order to balance efforts in tackling corruption and fraud against the protection of individual’s rights to privacy, the recommendations demand G20 jurisdictions to collaborate in forming internationally-accepted criteria to share information within and among jurisdictions.
IFAC CEO Fayez Choudhury said: “Rebuilding trust in the global economy and financial systems is critical to inspiring the confidence the world needs for sustained economic growth. Especially in these uncertain times, stakeholders with a passion for transparent, accountable governance must work together. Individuals and institutions must be empowered by strong governance; fortified by a consistent, transparent regulatory environment; and enabled by access to a high-speed, secure digital environment.”
The IFAC’s full recommendations can be accessed here.