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October 11, 2011

IFAC urges G20 leaders to focus on economic and fiscal sustainability

The International Federation of Accountants (IFAC) has urged G20 leaders to focus on initiatives aimed at promoting global economic stability and greater fiscal sustainability.

In a letter, IFAC asked the G20 leaders to focus on three long-term initiatives of public sector financial reporting and management reforms, global regulatory convergence and development of integrated reported at their November meeting in Cannes, France.

In order to address the sovereign debt crisis, IFAC have encouraged the G20 leaders to review institutional changes in public sector financial management and adopt accrual-based accounting. IFAC also encouraged the adoption and implementation of International Public Sector Accounting Standards.

The federation urged the G20 to strengthen its resolve for adoption and implementation of IFRS, International Standards on Auditing, and the auditor independence requirements set out in the Code of Ethnics for Professional Accountants.

The IFAC also called on the G20 to show support for the work of the International Integrated Reporting Committee.

“Global leaders should resist unilateral policy reform initiatives which potentially undermine the cause of convergence. Instead, we have an opportunity to enhance coordination and consultation with all stakeholders and work collectively to support global economic stability,” IFAC president Göran Tidström said.

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