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Financial Stability Forum urges stronger accounting

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07 Sep 2002

At its meeting in Toronto, the Financial Stability Forum (FSF) identified five areas of weakness in the international financial system: corporate governance, international accounting standards, auditing standards and practices, disclosure, and policies and procedures of credit rating agencies.

Regarding international accounting standards, the FSF concluded:

Accounting treatment of consolidated entities, revenue recognition and equity-based remuneration has been a key issue in the current undermining of confidence. The FSF calls upon national and international standard setters to accelerate their efforts at developing more comparable, accurate and transparent ways of accounting for these in financial statements; to improve international accounting standards; and to bring about greater international convergence on principles-based standards.
Go to Report of FSF or to Financial Stability Forum Website.

 

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