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International Accounting and Reporting Issues

2008 Review

image of International Accounting and Reporting Issues

Since the middle of 2007, world financial markets have been experiencing extreme turbulence. The centrality of reliable and comparable information for financial stability and for the ability of investors to assess risk and allocate resources to different investment opportunities has been painfully demonstrated by recent events. In marking UNCTAD’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)’s twenty-fifth anniversary, the UNCTAD secretariat organized a high-level segment that featured prominent speakers, including ministers, discussing the positive contribution of international accounting and reporting standards and codes to financial stability and economic growth. This publication contains ISAR’s deliberations at its twenty-fifth session, and it will provide policymakers, regulators, standard-setters, boards of directors, researchers and other readers with insights into some of the timely issues on corporate reporting.

English

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Review of practical implementation issues relating to International Financial Reporting Standards

The Chair of the session invited a member of the UNCTAD secretariat to introduce the main agenda item of the session. In his introductory remarks, the representative of the UNCTAD secretariat noted that ISAR had been working on the topic in view of the widespread adoption of IFRS in recent years. At its twenty-second session, ISAR had deliberated on a note prepared by the UNCTAD secretariat (TD/B/COM.2/ISAR/28). The note highlighted major practical implementation issues pertaining to institutional and regulatory arrangements, enforcement mechanisms, technical issues and capacity-building aspects of practical implementation of IFRS. On the basis of this framework, country case studies of Brazil, Germany, India, Jamaica and Kenya had been prepared and considered at the twenty-third session of ISAR. He further noted that country case studies of Pakistan, South Africa and Turkey had been discussed at the twenty-fourth session of ISAR.

English

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