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 area.