The International Federation of Accountants
(IFAC) has urged the G20 leaders meeting in Mexico to focus on
global solutions to global issues, to create sustainability and

The recommendations, contained in a letter to
the G20, include:

Globally adopting and implementing IFRS and
ISAs as well as auditor independence requirements set out in the
Code of Ethics for Professional Accountants issued by the
International Ethics Standards Board for Accountants;

  • That the G20 works to support strengthening
    resourcing and governance arrangements of international regulatory
    organisations including standard setters that have clearly defined
    expectations and responsibilities;
  • That the G20 supports initiatives leading to
    greater transparency in the management of public resources;
  • That the G20 formally signals its support for
    the work being undertaken by the International Integrated Reporting
    Council with respect to developing a framework for integrated
  • That governments and regulators adhere to
    principles of high-quality regulation, especially economic impact
    assessment, in implementing evidence-based regulatory reform;
  • That G20 nations support initiatives aimed at
    strengthening the accountancy profession in developing and emerging

“The current problems being confronted by the
global community require enhanced management of public resources,
improved non-financial reporting, and more sustainable
organisations. The accountancy profession is well-placed to assist
in finding and implementing these solutions,” IFAC chief executive
Ian Ball.


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