The outgoing chief executive of a global accounting body has urged the G20 to make haste with the adoption and implementation of accounting rules for the public sector.

Presenting at the G20's meeting in Russia, Ian Ball, CEO of the International Federation of accountants, called on Russian politicians to use their presidency of the 20 nations to advance take-up and use of International Public Sector Accounting Standards (IPSASs).

Ball called on the leaders to create a better understanding of the need to significantly enhance the quality of accounting by governments; urge the Financial Stability Board (FSB) to adopt IPSASs as one of the core sets of standards; and direct the FSB to research the effectiveness of different institutional arrangements for fiscal management and governance.

IFAC previously raised concerns in 2007 with how standards and regulations governing sovereign issuers are not of sufficient quality to protect investors and ensure the stability of capital markets.

IFAC has now additionally called for urgent research and action to address the issue which it described as 'critical' and 'neglected'.

'The G-20 should actively encourage the adoption of accrual-based accounting and budgeting by governments and public sector institutions, which will promote greater transparency and accountability in public sector finances and allow for monitoring of government debt and liabilities for their true economic implications,' IFAC said.