Global economic stability and transparency and the rebuilding of public trust will be greatly enhanced by a determined G20 push for stronger governance across all sectors. In advance of the G20 Summit 2017 in Hamburg, Germany on July 7-8, IFAC issued actionable recommendations for G20 countries that will support both the global economy and the G20’s 2017 objectives.

IFAC calls on the G20 and other key stakeholders in the global economy to collaborate on:

Following the World Congress of Accountants 2014, His Holiness Pope Francis addressed the accountancy profession on being a positive force in the fight against fraud and corruption. As my IFAC presidency comes to a close, I today wrote to His Holiness about our subsequent efforts to intently and vigorously respond to his message.

Open Letter to His Holiness Pope Francis

Your Holiness,

2016 is a crucial year for G-20 countries and the global economy, with new opportunities to create an environment of sustainable, inclusive growth. Given the increasingly interconnected economy, achieving this kind of growth depends on improving integrity and transparency and, in turn, restoring trust in business and government alike.

IFAC (International Federation of Accountants) has submitted a response to the Financial Action Task Force’s (FATF) proposed updates to the FATF Guidance on AML/CFT measures and financial inclusion (the updated Guidance), reflecting the latest amendments to the FATF Standards. 

Today, IFAC submitted a response to the Financial Action Task Force’s (FATF) Public Consultation on Financial Inclusion.  The Consultation proposes targeted changes to the FATF Recommendations—which establish the global framework for anti-money laundering (AML) and counter terrorist financing (CFT)—to support financial inclusion by minimizing “ove

Recently, IESBA provided a formal response to the Institute of Internal Auditors (IIA) on the public consultation: Proposed Global Internal Audit Standards. The IESBA commended the IIA’s efforts in making the proposed standards clearer and easier and agree that it is an important strategic priority and in the public interest to ensure international standards such as the IIA standards and IESBA Code remain fit-for-purpose and relevant in addressing key issues users of the standards face.

IFAC welcomes this comprehensive review of IFRS for small- and medium-sized enterprises (SMEs). In principle, we support alignment of IFRS for SMEs with full IFRS Standards. As a basic standard-setting principle we believe the concepts that underpin IFRS and IFRS for SMEs should be the same, notwithstanding that their application may need to be modified to address user needs and capacity constraints of SMEs.

IFAC welcomes the opportunity to contribute to the public consultation on Draft European Sustainability Reporting Standards (the “Draft ESRS”) addressing a broad range of ESG or sustainability-related topics (the “Consultation”).  As the global voice of the accountancy profession, IFAC represents over 180 Professional Accountancy Organizations in 135 jurisdictions, thereby representing over three million professional accountants.  As such, our goal is to bring an international perspective to this Consultation and to encourage identification of areas for alignment between global cl

IFAC welcomes the opportunity to comment on the International Sustainability Standards Board’s (ISSB) Exposure Draft addressing general requirements for disclosure of sustainability-related financial information (the “Exposure Draft”).

IFAC welcomes the opportunity to comment on the FATF’s review of Recommendation 24 relating to beneficial ownership transparency. IFAC—and the global accountancy profession that we represent—strongly supports the work of the FATF and others in advancing the fight against money laundering, terrorism financing and the proliferation of weapons of mass destruction.