IFAC releases annual G20 actions to advance global economy

Posted on Wednesday, December 5, 2018 by Rebecca Kerr

By Rebecca Kerr, OSCPA communications intern

The International Federation of Accountants (IFAC) recently released their annual “Ten Actions For G20 Countries to Advance the Global Economy” on Nov. 19. These recommendations are made in order for the G20 countries “to support the global economy, fight corruption and rebuild public trust.”

Of the ten actions outlined by the IFAC, there are three main overarching goals: develop smarter regulation, increase transparency and enable inclusive growth. The IFAC emphasizes developing smarter regulation “because regulation must fulfill its promises to the public through effective conception, design and implementation for it to be trusted.” They stress the importance of heightened transparency “because the public must be able to see the accountability of their government and in their economies to believe it.” Lastly, in terms of inclusive growth, the IFAC cites its prominence due to “the value created in a growing global economy must be shared inclusively for people to have confidence in their future.”

The ten actions are:

1.     Make regulation smarter, and more effective in G20 countries ***
2.     Create a coherent, transparent global regulatory environment and limit regulatory divergence
3.     Implement internationally-accepted standards to enhance confidence, growth, and stability in the global economy and financial system
4.     Strengthen governance in the public and private sectors
5.     Embrace integrated reporting in all G20 countries
6.     Enhance public sector financial management
7.     Collaborate to tackle corruption and advance responsible conduct
8.     Create an environment for small and medium sized entity growth and inclusiveness
9.     Create a secure and digital-ready investment environment
10.  Collaborate for a coherent international tax system 

You can read the full report here. Can you think of any other actions that would be influential? Let us know in the comments below. 

***G20 countries include The United States, Canada, Australia, France, Germany, United Kingdom, Japan, Mexico, India, China, Turkey, Argentina, Indonesia, Brazil, Korea, Italy, South Africa, Russia and Saudi Arabia.

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