RegulationAccounting StandardsCalls for G20 to adopt global standards

Calls for G20 to adopt global standards

IFAC wants globalised standards and no political interference in standard-setting process

The profession’s global representative is calling on the leaders of the G20
to adopt uniform accounting, auditing, and auditor independence standards to
improve transparency and the ability of capital markets to work globally.

The International Federation of Accountants wants the 20 most powerful
industrial nations to use next month’s meeting in Pittsburg to encourage
adoption of global standards and improve transparency in light of ‘unprecedented
takeovers, lending, guarantees, and bailouts of major market institutions, banks
and companies’.

In a letter to the G20, IFAC also demanded steps be taken to ensure that the
International Accounting Standards Board can act without political interference.

‘The G20 leaders must act quickly to build a reformed international financial
system,’ said IFAC chief executive, Ian Ball. ‘While some nations appear to be
moving toward recovery from the financial crisis, underlying problems of
accountability and transparency remain. We believe that the adoption of
international standards can help to address these issues and play an essential
role in resolving the current crisis.’

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