IFAC Calls on G20 Leaders to Cooperate to Solve Pressing Long-Term Issues; Pledges Ongoing Support from Accountancy Profession

Sustainability-Related Reporting Standards, Public Finance Management, Fighting Corruption, and Collaboration All Crucial to Achieving Sustainable Development Goals.

Nov 01, 2022 | New York, New York | English

With the emergence of widespread economic and political uncertainty in 2022 in the wake of the COVID-19 pandemic, IFAC highlights the interconnection between global cooperation, the sustainability agenda, the need for strong public financial management (PFM) and the fight against corruption. IFAC’s 2022 G20 Call to Action builds off the four priorities from IFAC’s 2020 G20 Call to Action and the two key actions set out in 2021 to emphasize that we cannot make progress on any of these issues in isolation.

“Tremendous interconnectivity is required if we are to make any significant progress toward achieving the UN’s Sustainable Development Goals. This is not just within the accountancy profession, but also between the profession and other UN SDG stakeholders. We commend the efforts of the G20, and also call on G20 leaders to do even more,” said CEO Kevin Dancey.

“At the same time, the accountancy profession will continue to deploy its unique skills and competencies to support strong and sustainable public and private sector organizations, and strong and sustainable financial markets and economies. This is our public interest mandate.”

IFAC’s 2022 Call to Action and its focus on sustainability-related reporting standards, public financial management, and anti-corruption aligns with IFAC’s IMPACT approach. Introduced earlier this year, the IMPACT approach identifies the most important issues currently facing the accountancy profession, private & public organizations, and global financial markets & economies, and provides a framework for the profession to be able to work together to help drive constructive change. The IMPACT approach is a guide for where the accountancy profession should be headed, and a tool for increased collaboration and cohesion within the profession.

To strengthen global economies, societies, and the environment, and to continue to address challenges resulting from the COVID-19 pandemic, IFAC calls on G20 leaders to:

1. Make Sustainability a Reality, Not Just a Goal

  • Support the IFRS Sustainability Disclosure Standards
  • Implement policies for an inclusive transition
  • Balance climate with broader ESG and reporting
  • Recognize the role of professional accountants in developing decision-useful sustainability information

2. Support Public Financial Management and Fight Corruption

  • Support professionalization in the public sector and adoption of IPSAS
  • Implement crucial multilateral commitments against corruption and related issues
  • Look to the global accountancy profession as central partners

3. Work Together for Collective Prosperity

  • Minimize regulatory fragmentation to drive economic growth
  • Understand the importance of global public health and its interplay with PFM
  • Resolve global conflicts and focus on long-term issues

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 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

 
 
 

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