The International Federation of Accountants® (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 now calls for integrated reporting:
“Leaders need to choose between two separate paths. In one direction lies renewed vigor for working together tackling growing challenges and embracing the opportunities of a digitalized, globalized 21st century. In the other lies a return to nationalism and protectionist policies that threaten to derail progress made over decades. The optimal route is obvious: collaboration is the only way to make sure the benefits of digitalized, globalized economies are enjoyed by all citizens, across the globe and throughout all parts of society.
Leaders in government, business, and professions cannot look backward and must inspire confidence in the public and regain trust. Globally, we are still in a time of economic recovery post 2008. While the worst impacts on global markets are hopefully behind us, we need to foster economies that can anticipate, respond to, and as far as possible avoid, the crises of the future. The accountancy profession is committed to this goal and the trust and confidence of citizens will be central in its achievement throughout G20 countries and beyond.
Organizations and individuals must be empowered by strong governance in business and the public sector. Governments must promote coherent public policy and a consistent, transparent regulatory environment that inspires confidence while enabling progress. Professional accountants continue to play a crucial role enabling capital flows, economic activity, and higher standards of living.
The global accountancy profession calls to action G20 countries with specific, actionable recommendations and urges policy consensus backed up by tangible implementation and ongoing cooperation among G20 countries and across the globe.”
Read the new IFAC paper here