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.