A Private Sector Taskforce (PSTF),
co-ordinated by the International Federation of Accountants (IFAC),
has updated its 2011 report to the G-20 to push for greater
regulatory convergence.

The taskforce stressed G-20 nations should
identify and narrow gaps in regulatory practice and discourage
nations from implementing unilateral national regulatory reforms
inconsistent with international standards.

The update shows regulatory convergence has
taken a step forward in introducing Legal Entity Identifiers and
adopting IFRS and International Standards on Auditing.

However, convergence is not short of
fragmented areas and IFAC chief executive Ian Ball said it is
imperative the G-20 implements the PSTF’s initial 15
recommendations outlined in the 2011 report.

“It is equally important the G-20 evaluate and
respond to crucial matters that have become even more critical
since the report was issued, such as the sovereign debt crisis,”
Ball said.

The PSTF was established in May 2011 at
the request of the presidency of the G-20.  Co-ordinated by
the IFAC, the taskforce includes the CFA Institute, INSOL
International, the Institute of International Finance, the
International Accounting Standards Board, the International
Actuarial Association, the International Corporate Governance
Network, the International Insurance Society and International
Valuation Standards Council.