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IFAC urges G20 to call for global adoption of IFRSs

  • IFAC (International Federation of Accountants) (lt gray) Image

21 Oct 2015

The International Federation of Accountants (IFAC) has submitted 12 recommendations for endorsement by the Group of Twenty (G20), urging action on issues impacting the G20 priorities of robust, inclusive growth.

In addition to an urgent assessment of the evolving regulatory environment, IFAC’s recommendations include that the G20 promote development and adoption of clear principles for high quality regulation, which, for financial information and financial reporting, includes globally consistent and effective regulation based on the global adoption and implementation of high-quality standards. Therefore, Recommendation 4 in the IFAC's letter reads:

Issue a clear call for the adoption and implementation, across all jurisdictions, of:

  • International Financial Reporting Standards;
  • International Standards on Auditing;
  • Auditor independence requirements set out in the Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants; and
  • International Public Sector Accounting Standards (IPSAS).

Please click to access the full letter and a corresponding press release on the IFAC website.

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