With a matter of days to go until Friday's G20 Summit in Buenos Aires, IFAC has released its 10 recommendations for the leaders to consider. In its paper, The Global Accountancy Profession's Call to Action for G20 Countries, it lists 10 recommendations, grouped under 3 main headings:
Smarter Regulation
- Make regulation smarter, and more effective in G20 countries
- Create a coherent, transparent global regulatory environment and limit regulatory divergence
- Implement internationally-accepted standards to enhance confidence, growth, and stability in the global economy and financial system
Heightened Transparency
- Strengthen governance in the public and private sectors
- Embrace integrated reporting in all G20 countries
- Enhance public sector financial management
- aborate to tackle corruption and advance responsible conduct
Inclusive Growth
- Create an environment for small- and medium-sized entity growth and inclusiveness
- Create a secure and digital-ready investment environment
- Collaborate for a coherent international tax system
Certainly the idea of making regulation and tax policy less fragmented internationally is pretty indisputably a good one and would advance global economic growth, but the chances of getting the G20 leaders to get past Russian misdemeanours in Salisbury, Syria and elsewhere, and American isolationism seem pretty remote. In fact, if they stay off the subject of Brexit, Theresa May could be the only person happy with the outcome!
https://www.ifac.org/publications-resources/global-accountancy-professions-call-action-g20-countries
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