This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

BIS chief executive urges global adoption of IAS

  • bis.gif Image

12 Mar 2002

Andrew Crockett, General Manager of the Bank for International Settlements and Chairman of the Global Stability Forum.

has called global financial reporting standards "a critical pillar in the international financial architecture":

The prospects of acceptance of international standards look better than ever before, a testimony to the efforts made so far. In particular, the European Commission has supported strongly the concept of international standards. It has proposed that quoted companies in the Union produce consolidated accounts according to international standards by 2005. And it has set up a two-tier mechanism (political and technical) for endorsement. At the same time, uncertainties remain. General support by the US authorities has been tempered by what they see as the potential risk of weakening national standards. It is important that the current momentum be maintained and, if possible, increased.

Mr. Crockett proposed a three-pronged approach toward implementing global standards:

  • Securing acceptance of international standards by national standard setters and securities regulators.
  • Reconciling the different perspectives of accounting and prudential authorities.
  • Ensuring the monitoring and enforcement of the standards.
Click for Full Text of Mr. Crockett's Remarks (PDF 101k).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.