The International Federation of Accountants is reiterating its call for global policymakers to focus on regulatory convergence, arguing that their failure to do so is stifling business confidence, economic stability and ambitions for a sustainable recovery.
The global financial crisis highlighted the problems created by having “uneven playing fields” for multinational organizations, the IFAC noted. Different regulatory arrangements in different jurisdictions allowed these organizations to engage in regulatory arbitrage, but at the same time created unnecessary costs and uncertainty for them and their key stakeholders. These differences limited the type and effectiveness of responses that governments, central banks and regulators could take to address the problems created by the crisis.
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