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The Actuary The magazine of the Institute & Faculty of Actuaries

IAA calls on G-20 to promote regulatory convergence

The Task Force was established in May by the International Federation of Accountants (IFAC), at the request of the Presidency of the G-20, to provide an analysis of gaps in regulatory convergence and to make recommendations on how to close such gaps across a number of professions and industries that operate within the financial sector.

The recommendations in the report call for the G-20 to maintain its momentum and ambition for global regulatory reform and convergence and to discourage unilateral national regulatory reforms that are inconsistent with international standards.

The Task Force recommends the G-20 to encourage and support the development, adoption, implementation and consistent interpretation of globally accepted high-quality international standards, to the greatest extent possible, for each of financial reporting, auditing, valuation, and actuarial services.

Additionally, the report stresses the necessity of open communication and transparent processes as well as continued cooperation and enhanced consultation between regulators and professional and industry groups in developing and implementing effective regulatory reforms.

The full text of the IAA statement can be found here and the Task Force final report can be found here.