Sustainability disclosures and public sector integrity: IFAC calls for focus from G20
The International Federation of Accountants (IFAC) has issued a call to action to the G20 on ‘Four themes, two actions, one goal’. It advocates concerted effort in the pursuit of a more sustainable, inclusive and prosperous economy and society and hence a better future – with sustainability reporting firmly in the spotlight.
The four priorities set out by IFAC for the G20 are to accelerate sustainability and inclusiveness, recommit to global collaboration, resist regulatory fragmentation and focus on public sector transparency and integrity. With these in mind, and recognising the critical role of high-quality and comparable data in mobilising sustainable finance, IFAC urges G20 leaders to support the International Financial Reporting Standards (IFRS) Foundation’s work on sustainability standards as one of two key actions.
“IFAC encourages all jurisdictions to embrace the IFRS Foundation’s initiative to achieve timely and coordinated progress on a global system for sustainability disclosures, vitally enhancing their consistency and reliability. Global policy makers have a unique opportunity to avoid costly regulatory fragmentation, build a comprehensive global system for corporate reporting, and deliver on the sustainability agenda. We must seize this opportunity,” says the call for action.
As its second critical action, IFAC also calls on the G20 to champion good public financial management, so that governments make the most of the resources they have and minimise losses through waste, fraud and corruption.