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June 10, 2012

IFAC urges G20 to promote global standards

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 growth.

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 reporting;
  • That governments and regulators adhere to principles of high-quality regulation, especially economic impact assessment, in implementing evidence-based regulatory reform; and,
  • That G20 nations support initiatives aimed at strengthening the accountancy profession in developing and emerging countries.

“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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