International Accounting Standards Crucial for Global Economy, Says IFAC

Global economic stability can be greatly enhanced by international accounting standards, stronger governance, and a stable regulatory environment. These principles form the basis of recommendations to the Group of 20 (G-20) by the International Federation of Accountants (IFAC), ahead of the G-20 meeting in China on September 4-5.

“The global economic recovery is uneven, and social and political destabilization risks remain high in many parts of the world. To fortify the recovery, citizens and markets urgently need to see greater transparency across all organizations, which will help restore trust in the institutions that help underpin the world’s financial markets,” said IFAC Chief Executive Officer, Fayez Choudhury.

“The G-20 has new opportunities to create an environment of sustainable, inclusive growth that benefits the world’s citizens. IFAC has consistently urged policy consensus and on-going cooperation between government, business, and the regulatory community. On behalf of the global profession, we renew that call today and ask the G-20 to put trust and transparency at the heart of the world’s economy,” he said.

IFAC calls on the G-20 to strengthen governance, which in both the public and private sectors is at the heart of accomplishing the G-20 objectives of recovery, growth, and stability, as well as combatting fraud and corruption and restoring public trust and integrity.

IFAC also urges the G20 to promoting and adopt principles for good regulation to create a more consistent, effective international regulatory environment.

IFAC also wants the G20 countries to acknowledge the importance of international standards across all jurisdictions, including international standards for accounting, auditing and assurance, professional ethics and education, and public sector accounting.

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