IFAC calls on G20 leaders to strengthen reporting in their long-term recovery from COVID-19

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21 Jul 2020

The International Federation of Accountants (IFAC) has called on G20 leaders to strengthen commitments to sustainability, transparency, integrity, regulatory consistency, and global collaboration.

Among the four recommendations in the call to action for the G 20 leaders are:

  • Focus on public sector transparency and integrity. This recommendation notes that responding to COVID-19 has driven an enormous increase in public sector spending. Integrity and transparency in the public sector are essential to the social contract between governments and their citizens. IFAC therefore calls on the G20 to adopt International Public Sector Accounting Standards (IPSAS) and accrual accounting at all levels of government.
  • Resist regulatory fragmentation. IFAC urges the G20 and all stakeholders to agree on a global framework for non-financial reporting that incorporates integrated reporting principles.

Please click for the press release and access to the call to action on the IFAC website.

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