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.

IASCF Monitoring Board statement

  • Currency (dk gray) Image

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.

Click to download:

 

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.