Testimony at US hearing on capital markets and IAS

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07 Jun 2001

Paul Volcker, chairman of the Trustees of the IASC Foundation, testified before the US House Subcommittee on Capital Markets: If markets are to function properly and capital is to be allocated efficiently, investors require transparency and must have confidence that financial information accurately reflects economic performance.

Investors should be able to make comparisons among companies in order to make rational investment decisions. In a rapidly globalizing world, it only makes sense that the same economic transactions are accounted same manner across various jurisdictions.

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