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Regulating finance<br />
A permanent <strong>G20</strong> secretariat would<br />
help increase global cooperation<br />
We call on the <strong>G20</strong> to actively encourage<br />
the adoption of accrual-based accounting<br />
Already adopted in several jurisdictions,<br />
and with many more in the process of<br />
doing so, they create far better visibility<br />
about the true health of countries and<br />
enable better long-term decision making.<br />
A concerted <strong>G20</strong> push would help ensure<br />
that all governments are talking the same<br />
accounting language.<br />
Restoring confidence<br />
Given its crucial importance to the<br />
global economy, we believe the remit of<br />
the Financial Stability Board – founded<br />
to promote international financial stability<br />
and to monitor and make recommendations<br />
about the global financial system –<br />
should be expanded to encompass<br />
the public sector. Together, these<br />
recommendations would advance public<br />
sector transparency and accountability,<br />
help restore confidence in public sector<br />
finances and support a renewal of public<br />
trust in government.<br />
We also strongly believe that<br />
international cooperation and regulatory<br />
consistency are essential to re-energising<br />
the compact between governments and<br />
the people they serve, beyond improving<br />
both public and private sector governance,<br />
reporting and transparency. Regulatory<br />
fragmentation inhibits growth and stifles<br />
Fayezul<br />
Choudhury<br />
Chief Executive Officer<br />
International Federation<br />
of Accountants<br />
Fayezul Choudhury became Chief<br />
Executive Officer of the International<br />
Federation of Accountants (IFAC)<br />
in 2013. He was previously with<br />
the World Bank, where his last<br />
two positions were Vice President<br />
of Corporate Finance and Risk<br />
Management and Controller and<br />
Vice-President of Strategic Planning<br />
and Resource Management.<br />
Choudhury was a member of the<br />
Public Interest Oversight Board<br />
from 2005 to 2010 and chaired<br />
the Global Steering Committee<br />
of the International Forum for<br />
Accountability Development.<br />
@IFAC_Update<br />
www.ifac.org<br />
innovation. It further erodes trust in the<br />
institutions essential to robust, thriving<br />
financial and economic markets. In recent<br />
months following various data leaks, we<br />
have seen sustained public outrage at tax<br />
paid – or unpaid – by individuals and<br />
corporations.<br />
Professional accountants have strongly<br />
supported the work of the Organisation for<br />
Economic Co-operation and Development<br />
on addressing base erosion and profit<br />
shifting because it fosters cooperation and<br />
inclusiveness on international tax policy.<br />
Finally, as the taxation and regulatory<br />
debates have shown, going it alone on<br />
important national policy decisions can<br />
lead to international confusion and public<br />
consternation. The <strong>G20</strong> has stood for<br />
promoting cooperation and addressing<br />
global challenges since its inception.<br />
We believe a permanent <strong>G20</strong> secretariat<br />
would enhance the capacity of this great<br />
institution to follow through on consensus<br />
and maintain dialogue continuity.<br />
The solutions we propose will foster<br />
increased global cooperation, and help<br />
embed trust and integrity at the heart of<br />
the global economy. The social dividends<br />
arising from their implementation are both<br />
compelling and, most importantly, firmly in<br />
the public interest. <strong>G20</strong><br />
G7<strong>G20</strong>.com September 2016 • <strong>G20</strong> China: The Hangzhou Summit 149
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