Global economic stability and transparency and the rebuilding of public trust will be greatly enhanced by a determined G20 push for stronger governance across all sectors, according to IFAC—the International Federation of Accountants. In advance of the G20 Summit 2017 in Hamburg, Germany on July 7-8, IFAC issued actionable recommendations for G20 countries that will support both the global economy and the G20’s 2017 objectives.

“Rebuilding trust in the global economy and financial systems is critical to inspiring the confidence the world needs for sustained economic growth. Especially in these uncertain times, stakeholders with a passion for transparent, accountable governance must work together,” said IFAC Chief Executive Officer, Fayez Choudhury. “Individuals and institutions must be empowered by strong governance; fortified by a consistent, transparent regulatory environment; and enabled by access to a high-speed, secure digital environment.”

IFAC calls on the G20 and other key stakeholders in the global economy to collaborate on:

• Raising governance standards across all economic sectors to increase transparency and accountability, and help restore trust and inspire confidence in business and government, key to the G20’s aspirations to: build resilience, improve sustainability, and assume responsibility.
• Fostering greater transparency and regulatory consistency to achieve growth, confidence, and stability. This requires an inclusive digital and economic environment for businesses of all sizes, as well as implementation and adoption of high-quality internationally-accepted regulations and standards.

IFAC’s member organizations represent almost 3 million accountants globally. They contribute nearly USD$250 billion gross value added annually, and facilitate higher standards of living. Recent research also shows that a higher percentage of accountants in the workforce strongly correlates to better outcomes in Transparency International’s Corruption Perceptions Index—and that the impact is improved even further when accountants operate in countries with strong governance architectures.

IFAC strengthens the accountancy profession by:

• supporting the development of high-quality international standards;
• promoting the adoption and implementation of these standards;
• building the capacity of professional accountancy organizations; and
• speaking out on public interest issues.

Visit IFAC’s website for IFAC’s full recommendations to the G20.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants in response to its Exposure Draft, Proposed Revisions Pertaining to Safeguards—Phase 2 and Related Conforming Amendments.

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants in response to its Exposure Draft, Proposed Revisions to Clarify the Applicability of Provisions in Part C of the Extant Code to Professional Accountants in Public Practice.

Following on the fundamental reorientation the IFAC Professional Accountants in Business Committee made to its meetings and communications in 2016, this report shares the knowledge, ideas, and experience of the committee on developing a future-ready profession.

The main themes in the report, and in the meeting it flows from, are:

Following on the fundamental reorientation of the IFAC Professional Accountants in Business Committee made to its meetings and communications in 2016, the committee has issued a report that shares the knowledge, ideas, and experience of the committee on developing a future-ready profession.

The report is designed to be accessible, with improved navigation, summaries that enable a fast read; and clearly identified future actions and recommendations.

The main themes in the report, and in the meeting it flows from, are:

• digital disruption and rapid cognitive business development;
• the continued evolution of the profiles of finance leadership and accountants in business;
• effective risk management;
• how integrated reporting can lead to better reporting outcomes; and
• how the new media landscape is changing the way we communicate.

The Committee, made up of an international group of thought leaders from IFAC member organizations, met in New York March 29-30 for its bi-annual meeting, chaired by Charles Tilley, Executive Chairman of the CGMA Research Foundation. Insights from the meeting will help raise awareness of emerging trends, challenges, and opportunities affecting the accountancy profession and accountants in business across the globe, and will help the global profession coordinate activities. 

The 122^nd ASEAN Federation of Accountants (AFA) Council meeting in Singapore in June 2016 included presentations by IFAC staff on a variety of membership matters. Staff provided an update on the IFAC Member Compliance Program, including the approved IFAC Member Compliance Program Strategy, 2016-2018, the online Member Organization and Country Profiles, and the new enhanced enforcement framework.

Attendees included 15 members of AFA as well as Christopher Fabling, Senior Financial Management Specialist with the World Bank, who provided an update on current World Bank initiatives in the ASEAN region, and Dan Montgomery, former Deputy Chairman of the International Auditing and Assurance Standards Board, who addressed the New Auditor’s Report.

While in Singapore, IFAC also met with several member organizations to discuss elements of the Compliance Program and other professional accountancy organizations in the region that are interested in membership.

Compiled for the Professional Accountants in Business Committee meeting in March 2017, this presentation addresses tech trends and their impact, and disruption, of accountancy and the finance function.

The presentation is both an overview of key topics and a collection of resources.

This presentation is available to IFAC member organization to share and/or customize. Please contact stathisgould@ifac.org to request use.

The IFAC Small and Medium Practices Committee welcomes the International Auditing and Assurance Standards Board's agreed-upon procedures Discussion Paper. It strongly believes that the revision of International Standard on Related Services 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information, should be a high priority for the board.