G20 urged to step up convergence effort.

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Governments and regulators must increase the pace of initiatives to promote convergence to global accounting and auditing standards, according to more than 60 accountancy leaders at the July G20 accountancy summit held by the International Federation of Accountants (IFAC).

The event was designed to draft recommendations on issues relating to the financial crisis that could be made to the G20 leaders before they meet this month. The participants agreed on the need for a single set of high-quality, principles-based financial reporting and auditing standards for listed and public-interest entities. They also urged governments to adopt international public-sector accounting standards.

Tony Hegarty, chief financial management officer of the World Bank, highlighted the need to strengthen the profession in developing and emerging economies. He announced an initiative to deepen co-operation between the World Bank and IFAC in this area.

Participants advised that...

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