IFAC Recommendations Focus on Creating Sustainable, Inclusive Growth
Strengthening governance across public& private sector and a stable regulatory environment can enhance the global economic stability greatly, which form the basis of recommendations to the Group of 20 (G-20) by the International Federation of Accountants (IFAC).
“The global economic recovery is uneven, and social and political destabilization risks remain high in many parts of the world. To fortify the recovery, citizens and markets urgently need to see greater transparency across all organizations, which will help restore trust in the institutions that help underpin the world’s financial markets,” said IFAC Chief Executive Officer, Fayez Choudhury.
“The G-20 has new opportunities to create an environment of sustainable, inclusive growth that benefits the world’s citizens. IFAC has consistently urged policy consensus and on-going cooperation between government, business, and the regulatory community. On behalf of the global profession, we renew that call and ask the G-20 to put trust and transparency at the heart of the world’s economy,” he said.
IFAC calls on the G-20 to address:
• Strengthening governance, which is at the heart of accomplishing the G-20 objectives of recovery, growth, and stability, as well as combatting fraud and corruption and restoring public trust and integrity in both the public and private sectors.
• Promoting and adopting principles for good regulation in order to increase consistency and effectivity of international regulatory environment.
• Acknowledging the importance of international standards across all jurisdictions, including international standards for accounting, auditing and assurance, professional ethics and education, and public sector accounting.
IFAC website