In the run-up to the forthcoming G20 summit in Rome (October 30-31), the International Federation of Accountants has identified two main areas for the G20 leaders to focus on while the COVID-19 pandemic continues. This is support for all IFRS Foundation initiatives on sustainability standards and improving the efficiency of public financial management. These areas are based on four key priorities:
- accelerate sustainability and inclusiveness;
- focus on public sector transparency and integrity;
- resist regulatory fragmentation;
- global collaboration.
According to the International Federation of Accountants, these four principles are of particular importance for building a ‘better future’. “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 efforts from global policymakers and the accountancy profession. To seize these opportunities, we must act now,” said IFAC CEO Kevin Dancey.
Achieving a more sustainable and inclusive economy requires mobilized partnerships between government and private sector. High-quality and comparable data and relevant disclosures should play a crucial role in mobilizing sustainable finance. The momentum is growing simultaneously with the fundamental changes in the system of international standards delivered by the IFRS Foundation.
Improving the public financial management system should create conditions for the proper allocation of budget resources in the public interest. Governments have a duty to ensure maximum efficiency while minimizing losses due to corruption and fraud. This is especially important now that countries’ economies are recovering from the global pandemic.