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.
