BIS chief executive urges global adoption of IAS

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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).

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