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International Accounting and Reporting Issues

2011 Review

image of International Accounting and Reporting Issues
This volume contains a review of the main developments in the area of accounting and reporting during 2011, including the proceedings of the 28th session of ISAR, which was held at the Palais des Nations in Geneva from 12 to 14 October 2011. It contains discussion and analysis of a number of corporate reporting issues that policy-makers, regulators, standard-setters, private sector as well as public sector accountants, auditors, academia, and other interested readers will find useful for keeping up-to-date with developments in the corporate reporting arena, including financial and non-financial reporting.

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Preface

For close to three decades, the United Nations has been contributing towards promoting high-quality corporate reporting through its Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). In the wake of the financial crisis, we have come to realize again the critical importance of high-quality corporate reporting for fostering investor confidence, facilitating international flows of financial resources and contributing to the maintenance of a stable economic environment. It is now widely recognized that many flawed private sector financial instruments, along with inadequately designed public sector monetary policies were at the core of the recent financial crisis, so more transparency in these areas would certainly have helped, if not to avert the crisis at least to minimize its negative impacts. In this sense, a strong reporting system helps to reduce corruption and mismanagement of resources. The lessons learnt from the economic crisis should not be lost.

English

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