by Fayez Choudhury, Chief Executive Officer, IFAC | June 24, 2014 |
The last two decades have been a definitive era in the evolution of the accountancy profession. In the wake of major corporate scandals at the turn of the century, an international public debate arose on the need for more effective and well-considered regulation; this debate then reignited during the global financial and sovereign debt crises.
by Fayez Choudhury, Chief Executive Officer, IFAC | June 10, 2014 |
The accountancy profession plays an important role in promoting the growth of economies and the efficient operation of markets. In these times of rapid technological change, we should also be key players in the financial innovation taking place across society.
Political leaders and regulatory agencies in various countries and supra-national entities spend a lot of time focusing on the need for quality financial reporting by public companies.
We are more than halfway through year seven of the financial crisis. The massive G-20 effort, along with the Financial Stability Board (FSB) and global standard setters such as the International Organization of Securities Commissions (IOSCO), to reform global financial regulation and to ensure a safer and more sustainable financial system has made significant progress.
The challenge of designing an economic model capable of identifying, and then responding to, systemic and interconnected risks is something the G-20 has been grappling with since the onset of the global financial crisis in 2008.
The Chartered Institute of Management Accountants (CIMA) has launched a consultation on a set of Global Management Accounting Principles© and we would very much like your help.
After the global financial crisis, the leaders of the G-20 countries called for global regulatory cooperation and collaboration, including the adoption of global accounting standards.
There is an emerging consensus that poor governmental reporting represents a threat to global financial stability and economic growth that must be addressed. A recent International Monetary Fund (IMF) paper is the latest to take this view.