IFAC organises G-20 accountancy summit

Date: 12th June 2009

The International Federation of Accountants (IFAC) is to hold a G-20 accountancy summit in London next month.

The summit is due to take place from July 23rd to July 24th and is aiming to pool information from leading members of the accounting industry to determine how to best serve an economic revival.

Robert Bunting, IFAC president, said: "Our goal is to identify and summarize the collective viewpoints of IFAC and accountancy institutes in G-20 countries and to submit these to the G-20 working groups."

Plans for the summit arose after the IFAC sent a letter to three G-20 working groups in March. In the letter the IFAC supported the groups' recommendations to implement a number of new international accounting regulations.

Suggested regulatory improvements included the strengthening of the roles of the International Monetary Fund and the World Bank and the implementation of new international accountancy standards.

The IFAC is the global organisation for the accountancy profession. It consists of 157 members in 123 countries.