IFAC urges G20 to call for global adoption of IFRSs
26 Aug, 2016
The International Federation of Accountants (IFAC) has submitted recommendations for endorsement by the Group of Twenty (G20) during their meeting in China on 4-5 September 2016.
The recommendations are grouped into two overarching aims:
- Stronger governance for trust and integrity in business and public sector. In this context the IFAC calls on the G20:
- to strengthen governance, to combat fraud and corruption, and to restore public trust and integrity;
- to enhance public sector financial management by actively encouraging the adoption of accrual-based accounting in the public sector and by requiring the FSB to encompass the public sector; and
- to promote integrated reporting.
- Creation of a cooperative, consistent, and smart global regulatory environment. The five recommendations in this case are:
- to develop and promote the global adoption of clear principles for good regulation;
- to acknowledge the importance of international standards;
- to enhance global consistency;
- to call for cooperation on taxation; and
- to establish a permanent G20 secretariat.
The recommendation on international standards expressly refers to IFRSs:
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.
