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IASCF Monitoring Board statement

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23 Sep 2009

The IASC Foundation's Monitoring Board has published a Statement of Principles for Accounting Standards and Standard Setting. The statement emphasises the importance of providing high-quality financial information to ensure the confidence of capital providers in making investment decisions.

The Monitoring Board said that 'independence and transparency' are an essential part of the standard setter's due process. The Monitoring Board is a group of public capital market authorities to whom the IASC Foundation established a public accountability link. Here is an excerpt from the Monitoring Board's statement:

Financial standards and regulations created or modified in the midst of any crisis should be considered carefully. This is particularly true with regard to the current review of accounting standards because these standards play an important role in public company financial disclosures, and these financial disclosures, in turn, are an important part of the foundation upon which fair and efficient capital markets are based. Financial crises have historically sparked panics in capital markets, and regulators and standard setters recognise that market panics should not be allowed to evolve into regulatory panics, where important regulatory fundamentals are inadvertently undermined in an effort to respond quickly to the symptoms – rather than the root causes – of a market crisis.

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