IFAC Recommends Smarter Regulation to the G20
In advance of the G20 Summit this month in Buenos Aires, Argentina, the International Federation of Accountants (IFAC) released a list of ten recommendations for G20 countries to support the global economy. Centring around the need to pursue smart regulation, greater transparency and inclusive growth, the recommendations are designed to help rebuild public trust in institutions and advance economic progress.
IFAC called for G20 countries to develop and implement smarter regulation that effectively supports the public interest. Here at XBRL International we wholeheartedly agree with the IFAC recommendation that a global, transparent regulatory environment, based around internationally accepted standards that limit divergence, would enhance confidence and stability in the global financial system.
They argue that robust transparency in the public and private sectors is essential to earn public trust, fight corruption, encourage good governance and promote ethical business practices. To increase transparency in the global economy, G20 countries should embrace integrated reporting. We agree that accessible, digital and comparable standardised data on financial and non-financial reporting can help increase transparency and build trust.
Finally, IFAC called for policies that enable inclusive growth, saying that the fruits of a growing global economy must be shared inclusively to inspire confidence in the future. Among other measures, they called for a secure and digital-ready investment environment. An essential part of that environment is the availability of digital, standardised data. The low cost and accessibility of XBRL data means investment information is more inclusive than ever, broadening the base of people who have the ability to analyse and invest beyond those with large amounts of capital.
Read more here.
