Int'l Standards of Accounting and Reporting meet

Some 300 leading experts in the field of accounting are discussing the urgent need for developing countries to upgrade their capacities in accounting and corporate reporting in Geneva from yesterday.

Strengthening capacities for high-level corporate reporting is key for fostering financial stability in the wake of the financial crisis. Delegates will deliberate on a draft 'Capacity-building framework for high-quality corporate reporting' prepared by UNCTAD.

Representatives from the World Bank, the Organisation for Economic Cooperation and Development (OECD), the International Organisation of Securities Commissions, the European Union (EU), the International Accounting Standards Board, the International Federation of Accountants, major international accounting firms, national regulators, standard-setting bodies, and professional organisations are attending the three-day meet (from October 13-15). Participants are expected from some 100 countries.

Meanwhile, over the past 24 months, the pace of rulemaking in the area of corporate governance and disclosure has increased dramatically, largely driven by responses to the financial crisis.

UNCTAD’s analysis of the causes of the global financial crisis points to regulatory weaknesses at the national and international levels, but also to poor corporate governance practices as implicated in the risk management standards prevailing in many large financial institutions. Reforms are critically important because the global economy relies upon the stable functioning of large corporations. When governance mechanisms such as risk management do not work properly, the impacts can be felt around the world.

It will examine what role the accounting profession plays in this process It will feature a series of expert panels and interactive discussions addressing issues such as: What lessons has the global financial crisis revealed about corporate governance? What corporate-governance reforms should be developed on the global level, and why? And with whom should the accounting profession set up partnerships to achieve lasting results?

Participants will include professional accountants, corporate governance experts, and other participants from more than 50 countries. The keynote address will be given by Prof Mervyn King, chairman of the King Committee on Corporate Governance, South Africa.