IFAC encourages adoption and implementation of global accounting, auditing, and auditor independence standards to improve the ability of capital markets to work globally
The International Federation of Accountants (IFAC) has called for broad action by the G20 leaders at their September meeting in Pittsburgh to encourage adoption and implementation of global accounting, auditing, and auditor independence standards to improve the ability of capital markets to work globally.
In addition,
IFAC has called for the worldwide adoption and implementation of International Public Sector Accounting Standards as a means of greatly improving government transparency and accountability in the light of the "unprecedented takeovers, lending, guarantees, and bailouts of major market institutions, banks, and companies.” "The
G20 should acknowledge that small- and medium-sized enterprises are the engine of the global economy and address their unique needs," emphasized Robert Bunting,
IFAC President.
IFAC's letter to the
G20 also includes recommendations on enhancing corporate governance, supporting the long-term strengthening of the accountancy profession in developing countries and developing new tools and metrics to achieve global sustainability. The submission also asks the
G20 to facilitate debate to resolve issues between financial reporting-designed to communicate business performance to investors-and prudential reporting-used to monitor and maintain financial stability.
© IFAC
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