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IFAC calls for cooperation amid global uncertainty

The International Federation of Accountants is calling for governments to work together, alongside the accounting profession, to support a strong, sustainable global economy following the market volatility stemming from Brexit.

IFAC calls for cooperation amid global uncertainty
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IFAC chief executive Fayezul Choudhury said following the result of the UK referendum on Europe many other parts of the world will be operating in a period of considerable uncertainty.

Mr Fayezul said companies will need to address the short-term risks and think through longer-term plans while regulators will have to overlay the implications of recent developments on an already complex and fragmented regulatory environment.

“Regulatory cooperation and consistency, enhanced public sector financial management and transparency, the adoption and use of globally accepted, high-quality standards, and commitments to work together to address taxation matters are fundamental to finding solutions and outcomes that benefit all of society,” said Mr Fayezul.

“IFAC has always stressed that governments, businesses, and the regulatory community across the globe must work together, cooperatively, to respond to the challenges being faced by our interconnected financial markets and economies.”

Brexit, he said, has made a collaborative approach all the more vital.

He also stressed the need for the global accountancy profession to be engaged in bringing its experience and expertise into many of the areas where work will be needed.

“The accountancy profession will have an important role to play in the myriad issues that will need to be addressed.”

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