TORONTO, June 24 /CNW/ - The Canadian Institute of Chartered Accountants (CICA) urges the G20 leaders to consider a series of recommendations provided in a letter from the International Federation of Accountants (IFAC).
The G20 leaders are meeting in Toronto this weekend and the IFAC recommendations emphasize the need for greater transparency and accountability in public sector finances, especially when it comes to stimulus programs and the resulting debt.
"There is uneasiness any time a government turns to deficit financing," said Kevin Dancey, FCA, president and CEO, CICA. "The healthiest of medicines can prove harmful if taken in excess. IFAC is urging governments throughout the world to provide clear and comprehensive information regarding the financial consequences of economic, political and social decisions."
Canada, a leader in government financial reporting, has weathered the global financial crisis better than most countries. The Canadian government is in a period of transition from stimulus spending to deliberate restraint.
IFAC notes that by providing complete and accurate information on public sector finances, governments demonstrate accountability and stewardship, reinforcing their own credibility.
"The leaders of the G20 are well positioned to address the challenges associated with public finance," said Dancey. "The IFAC recommendations can serve as a compass to guide the G20 leaders in addressing those challenges."
More information about IFAC and its recommendations for the G20 leaders can be found online (www.ifac.org).
The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 75,000 CAs and 12,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).
SOURCE Canadian Institute of Chartered Accountants
For further information: For further information: or to arrange an interview, contact: Tobin Lambie, Manager, Media, CICA, (416) 204-3228, firstname.lastname@example.org, www.cica.ca