ACCA states “rushing through new financial regulation in a purely reactive response to the financial crisis would be a mistake. Priority should be so that existing regulation is enforced thoroughly.”
ACCA presents to the G20 the following concerns:
· Reform of Bretton Woods institutions: This has to be implemented more quickly so that developing economies, such as China and Brazil, feel more represented and can efficiently pursue their primary objectives.
· Regulation and Fair Value accounting: ACCA does not believe that fair value caused the financial crisis. The G20 must show leadership and commitment to the principle of an accountable, transparent and sound system of international regulatory cooperation. The globalization of business means that one set of reporting standards, the principles-based IFRS, is essential. ACCA also warns against political interference in the setting of international standards.
· Supporting Small Businesses around the world: SMEs (Small and Medium Sized Enterprises) are vital to driving economic recovery through the role they play in creating jobs, innovation and macroeconomic growth. It is crucial that G20 Government leaders recognise the importance of SMEs and find more ways to collaborate and partner with business, civil society and governments in encouraging institutional changes to help improve the operating environment for SMEs.
· Investing in a low carbon economy: ACCA is concerned by the lack of concrete proposals to invest in a low carbon economy that have come out of the two previous G20 Summits.
Full report
© ACCA - Association of Chartered Certified Accountants
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