Smart regulation, heightened transparency and inclusive growth are needed for global economic progress. These three priorities encapsulate the themes in the IFAC Call to Action ahead of the 2018 G20 Summit.

G20 countries play a crucial role in fostering institutions and governance models that can anticipate, respond to, and mitigate future crises. 

With low levels of public trust threatening confidence in the institutions that support the global economy, IFAC's ten recommendations focus on rebuilding this trust.

IFAC (the International Federation of Accountants) today calls upon G20 countries to pursue smart regulation, heightened transparency, and inclusive growth to rebuild trust in institutions and advance global economic progress.

“Low levels of public trust threaten both economic and political stability,” said Fayezul Choudhury, IFAC CEO. “Leaders in government and business must work together to bolster good governance and collaborate for effective public policies that inspire confidence in the institutions supporting the global economy.”

G20 countries play a crucial role in fostering institutions and governance models that can anticipate, respond to, and mitigate future crises. In advance of the 2018 G20 Summit in Buenos Aires, Argentina, IFAC issues 10 actionable recommendations for G20 countries to support the global economy.

Develop Smarter Regulation

Regulation must effectively support the public interest through well-targeted conception, effective design and committed implementation. To achieve smarter regulation, G20 countries must:

• Develop and adopt consistent, comprehensive, and high-quality regulation
• Create a coherent, transparent global regulatory environment that limits divergence; and
• Implement internationally-accepted standards to enhance confidence and stability in the global financial system.

Increase Transparency

Robust transparency in the public and private sectors is key to earn public trust, fight corruption, encourage good governance and promote ethical business practices. To increase transparency in the global economy, G20 countries must:

• Strengthen governance in the public and private sectors
• Embrace integrated reporting
• Enhance public sector financial management; and
• Collaborate to tackle corruption.

Enable Inclusive Growth

The fruits of a growing global economy must be shared inclusively to inspire confidence in the future. To enable inclusive growth, G20 countries must:

• Foster an environment that supports small- and medium-sized entity growth
• Create a secure and digital-ready investment environment; and
• Collaborate for a coherent international tax system.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

At a critical moment of development and adoption of international public sector accounting standards, the Nominating Committee issues its Call for Nominations to join the International Public Sector Accounting Standards Board (IPSASB) for a term beginning in January 2020.

Volunteers are central to the effective functioning of the IPSASB, through active participation in meetings, task forces and outreach activities.

Experience
The Nominating Committee is looking for candidates with the following background:

• Experience as public sector national standard setters;
• Preparers of accrual-based financial statements at both national and sub-national levels, including ministries of finance and treasury departments, and international organizations, especially those reporting directly or indirectly in accordance with IPSAS; and
• Users of general purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies.

The Nominating Committee considers matters such as relevance of candidates’ professional backgrounds, technical skills, past and present contributions to the accountancy profession, and the ability to make a significant contribution to the matters and areas of emphasis in the IPSASB Strategy and Work Plan. 

The promotion of IPSAS is and will continue to be a key strategic focus; nominees are expected to be strong advocates of IPSAS and should be willing to make regular presentations in their regions every year.

Additional Considerations
Gender balance is extremely important and, therefore, nominations of qualified female candidates are strongly encouraged.

Nominations of candidates from Latin America-Caribbean, Africa-Middle East, and Asia are particularly welcome.

Time Commitment and Financial Requirements
The minimum time requirement of an IPSASB member is approximately 48 days per year, excluding travel, with many members committing up to 70 days per year. This comprises approximately 18 days for physical attendance at Board and task force meetings and 30 days for preparation, teleconferences and outreach activities. Members are also strongly encouraged to attend the biannual meetings of the Consultative Advisory Group.

Costs of attending IPSASB meetings are borne by the member or the member’s nominating organization. Funding is available for public members who do not have a sponsoring organization. There is additional financial support available to self-nominees and candidates nominated by qualifying organizations from developing nations.

How to Submit Nominations
Nominations can be submitted online from the date of the issue of this Call until February 15, 2019. Instructions on how to apply are available on the Nominating Committee’s webpage.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.