IFAC releases recommendations for G20

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

13 Oct 2011

The International Federation of Accountants (IFAC) has provided a series of recommendations for consideration by the G20 at its meeting on 3-4 November 2011 in Cannes, France.

The IFAC submission follows previous submissions by IFAC to the G20 in 2009 and 2010 and encourages the G20 to continue its essential work on addressing important issues arising from the global financial crisis and to meet the commitments made in its communiqués of 2008–2010 and in the reports of its working groups. In IFAC's view, to achieve these aims the G20 must strive for reporting of high-quality, internationally consistent, relevant, and reliable financial and non-financial information by all sectors.

IFAC recommends that the G20 consider the following three objectives:

  • Public sector financial management, transparency, and accountability – including urgent and fundamental work to consider the nature of institutional change to protect the public and investors in government bonds. Key points to be considered include high-quality and timely accrual-based financial reporting by the public sector (which may be achieved through the adoption and implementation of International Public Sector Accounting Standards (IPSASs, published by the International Public Sector Accounting Standards Board), audited financial statements, and budgeting, appropriations, and reporting on the same accrual basis
  • Global regulatory convergence. IFAC recommends the G20 continue its momentum and ambition for regulatory reform and convergence that has been developed during the global financial crisis – recommendations include the adoption and implementation of International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and the auditor independence requirements set out in the Code of Ethics for Professional Accountants across all jurisdictions
  • Development of integrated reporting. IFAC encourages the G20 to support the development and use of integrated reporting, and in particular, the work of the International Integrated Reporting Committee (IIRC) in creating a globally accepted integrated reporting framework.

Click for IFAC announcement (link to IFAC website).

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