As the global organization representing the accountancy profession, IFAC is uniquely positioned to research and represent the views of the profession and its stakeholders. IFAC is committed to being the voice of the global profession and to taking a leadership position on public interest issues where the accountancy profession’s expertise is most relevant. These areas include: international regulatory convergence; global adoption of high-quality international reporting and professional standards; standard-setting in the public interest; sustainability and integrated reporting; SMP and SME matters; and public sector reporting and transparency.

Formal policy positions are issued as Policy Position Papers. IFAC submits Comment Letters and recommendations to global and regional organizations, such as The Group of Twenty (G-20), the European Commission, and the IFRS Foundation. IFAC Officers also promote the views and policy positions of the profession through speeches and representation at various international forums, meetings and conferences.

Private Sector Taskforce of Regulated Professions and Industries

The Private Sector Taskforce of Regulated Professions and Industries (PSTF) was established in May 2011 at the request of the Presidency of the G-20. The 2011 report provided the G-20 with an analysis of the development of financial policy and regulation, with the aim of facilitating economic stability in the world’s capital markets. The benefits of regulatory convergence were identified, as well as the inefficiencies and associated costs created by regulatory gaps. A range of possible scenarios and associated risks were analyzed and explored, specific examples were given, and a set of recommendations provided. The 2012 update report strongly encourages the G-20 to implement all of the 15 recommendations presented in its 2011 Report with a strong emphasis on its first two recommendations. The update includes additional recommendations regarding public sector financial management and reporting, transparency, and accountability.

Coordinated by the International Federation of Accountants, the taskforce includes CFA Institute (CFA I); INSOL International; Institute of International Finance (IIF); International Accounting Standards Board (IASB); International Actuarial Association (IAA); International Corporate Governance Network (ICGN); International Insurance Society (IIS); and International Valuation Standards Council (IVSC).

• Final Report to the G-20 Deputies, September 2011

• Recommendations for the G-20 Nations, April 2012

• PSTF Recommendations for the G-20 Nations – Meeting of April 19-20, 2012