“For society to transition out of the COVID-19 pandemic in a more sustainable, inclusive, and prosperous position than we entered it, we need a concerted effort from global policymakers and the accountancy profession,”
IFAC defined two key actions
for G20 leaders to focus on as COVID-19 persists: supporting the IFRS
Foundation’s initiative on sustainability standards, and championing
public financial management. Commitment to these two actions, which
build on the four priorities laid out in IFAC’s 2020 G20 Call to Action, is central to building a better future.
To strengthen global economies,
societies, and the environment, as well as tackle challenges resulting
from the COVID-19 pandemic, IFAC calls on G20 leaders to:
1. Support the IFRS Foundation Initiative on Sustainability Standards:
Achieving
a more sustainable and inclusive economy with the necessary speed
requires mobilizing the private sector and governments to work together.
The G20 Finance Ministers and Central Bank Governors have identified
the critical role of high-quality and comparable data and disclosures in
mobilizing sustainable finance. The B20 Finance & Infrastructure
Task Force recognizes the same. Momentum is growing around developing a
global baseline of sustainability standards, with the IFRS Foundation
poised to deliver. IFAC strongly supports this crucial work.
2. Champion Public Financial Management:
At the heart of public sector transparency and integrity—and
prosperity for all individuals—is public financial management (PFM). A
robust PFM system means that resources are appropriately allocated
against public policy objectives that are in the public interest.
Governments must endeavor to achieve the most with the resources they
have, while minimizing loss through waste, fraud, or corruption—high
quality PFM makes this happen. IFAC calls on the G20 to set an example
for all jurisdictions worldwide in championing a continued focus on
high-quality PFM.
Read IFAC’s full 2021 G20 Call to Action here and learn more about the accountancy profession’s role in enhancing corporate reporting during IFAC’s 2021 EdExchange: Leading Sustainability virtual summit October 12-14.
About IFAC
IFAC is
the global organization for the accountancy profession dedicated to
serving the public interest by strengthening the profession and
contributing to the development of strong international economies. IFAC
is comprised of 180 members and associates in 135 countries and
jurisdictions, representing more than 3 million accountants in public
practice, education, government service, industry, and commerce.
IFAC
© IFAC - International Federation of Accountants
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