The G-20 members' meeting in London next month must endorse the benefits of International Financial Reporting Standards, says the ACCA. In a discussion paper, the association says the financial regulatory framework needs to be re-designed to cater for increasingly complex financial structures. It says steps must be taken to improve the transparency and stability of financial markets. ACCA president Richard Aitken-Davies said: 'Specifically the G-20 needs to endorse the benefits of IFRS because they bring transparency, comparability and clarity to reporting in the interests of shareholders, business and the wider public. 'It is a major failing that IFRS are not already the global accounting language for all finance professionals.' He added: 'In areas like accounting, over-prescribed global measures could backfire. Issuing standards that result in mechanical rule-following would be a recipe for disaster. 'Principles-based standard-setting and professional judgment have a vital role to play in supporting business confidence and economic recovery.' Aitken-Davies also said that the ACCA does not believe that Fair Value accounting is a cause of the banking crisis. 'The calls for its suspension can be seen as trying to sweep the problems under the carpet which would, if allowed, risk undermining the remaining confidence in the financial system,' he said.