The Group of 20 finance ministers, along with the European Commission, are calling for improved accounting standards in the public sector.

The International Federation of Accountants praised the G-20 finance ministers and Central Bank Governors on Thursday for addressing government borrowing and public debt sustainability at a meeting last month. IFAC also applauded a European Commission report that was issued this week calling for “harmonized public sector accruals-based accounting standards” as a tool to build trust and financial stability.

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