Ahead of next month’s Group of 20 summit in Germany, the International Federation of Accountants is urging world leaders to take steps to rebuild public trust by improving governance practices through all sectors of the economy.

IFAC issued a set of recommendations Thursday for G-20 countries to support both the world economy and the G-20’s goals.

“Rebuilding trust in the global economy and financial systems is critical to inspiring the confidence the world needs for sustained economic growth,” said IFAC CEO Fayez Choudhury in a statement. “Especially in these uncertain times, stakeholders with a passion for transparent, accountable governance must work together. Individuals and institutions must be empowered by strong governance; fortified by a consistent, transparent regulatory environment; and enabled by access to a high-speed, secure digital environment.”

IFAC CEO Fayez Choudhury speaking at a council meeting
IFAC CEO Fayez Choudhury speaking at a council meeting Courtesy of IFAC

IFAC wants the G20 and other stakeholders to work together on raising governance standards across all sectors of the economy and foster greater transparency and regulatory consistency to achieve growth, confidence and stability. The organization, which represents 3 million accountants around the world, sees the need for an inclusive digital and economic environment for businesses of all sizes, along with implementation and adoption of high-quality internationally accepted regulations and standards. Member bodies of IFAC in the U.S. include the American Institute of CPAs and the Institute of Management Accountants.

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Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.