ACCOUNTING

IFAC Urges G20 to Raise Governance Standards

Global economic stability and transparency and the rebuilding of public trust will be greatly enhanced by a determined G20 push for stronger governance across all sectors, according to  the International Federation of Accountants (IFAC).

In advance of the G20 Summit 2017 in Hamburg, Germany on July 7-8, IFAC issued actionable recommendations for G20 countries that will support both the global economy and the G20’s 2017 objectives.

“Rebuilding trust in the global economy and financial systems is critical to inspiring the confidence the world needs for sustained economic growth. Especially in these uncertain times, stakeholders with a passion for transparent, accountable governance must work together,” said IFAC Chief Executive Officer, Fayez Choudhury.

“Individuals and institutions must be empowered by strong governance; fortified by a consistent, transparent regulatory environment; and enabled by access to a high-speed, secure digital environment.”

IFAC calls on the G20 and other key stakeholders in the global economy to collaborate on:        

◦    Raising governance standards across all economic sectors to increase transparency and accountability, and help restore trust and inspire confidence in business and government, key to the G20’s aspirations to: build resilience, improve sustainability, and assume responsibility.

◦    Fostering greater transparency and regulatory consistency to achieve growth, confidence, and stability. This requires an inclusive digital and economic environment for businesses of all sizes, as well as implementation and adoption of high-quality internationally-accepted regulations and standards.

IFAC’s member organizations represent almost 3 million accountants globally. They contribute nearly USD$250 billion gross value added annually, and facilitate higher standards of living.

Recent research also shows that a higher percentage of accountants in the workforce strongly correlates to better outcomes in Transparency International’s Corruption Perceptions Index—and that the impact is improved even further when accountants operate in countries with strong governance architectures.

 

Related Articles

The International Accounting Standards Board has proposed narrow‑scope...
The International Accounting Standards Board has issued IFRIC 23 Uncertainty...
Many stakeholders express doubts about proposed changes to IFRS 9, divided...
The International Accounting Standards Board has issued a request for...