Role of corporate reporting in economic development
UNCTAD hosted the 31st session of the Intergovernmental Working Group
of Experts on International Standards of Accounting and Reporting (ISAR)
as part of UNCTAD's World Investment Forum 2014.
Experts, who gathered in Geneva recently emphasised the key role that
monitoring of compliance and enforcement plays in fostering credibility
and the ways in which corporate financial and non-financial reporting
can contribute to development.
Discussions focused on the monitoring of compliance and enforcement
of international reporting, such as International Financial Reporting
Standards (IFRS), International Standards of Audit (ISA) and other needs
for financial and non-financial reporting, which are increasingly being
adopted around the world.
UNCTAD Deputy Secretary-General Petko Draganov said that while IFRS
have been adopted in many jurisdictions, "they will be ineffective
unless adequate implementation measures are taken, including building an
efficient system for the monitoring of compliance and enforcement".
Secretary General of the Public Interest Oversight Board, Gonzalo
Ramos said that a solid monitoring of compliance and enforcement system
played a critical role in the area of audit, assurance and ethics for
high-quality corporate reporting. He outlined key challenges in this