International Accounting and Reporting Issues: 2004 Review - Unctad

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On 26 October 2004, namely on the eve of the twenty-first session of ISAR, the secretariat organized a workshop on the practical implementation challenges of International Financial Reporting Standards (IFRS). The main objective of the workshop was to share views on the main challenges of the successful implementation of IFRS. Issues discussed included: the importance of IFRS for global financial stability and economic growth; regulatory and institutional requirements needed for the implementation of IFRS in national jurisdictions that differ in their overall preparedness for the introduction of such comprehensive, sophisticated and costly financial reporting systems; lessons learned from countries that are more advanced in the implementation of IFRS; and implications for developing countries and countries with economies in transition. About 100 experts from 40 countries representing regulators, standard-setters, the private sector, investors, civil society, academia and professional associations participated in the workshop. In concluding its twenty-first session, the Group of Experts proposed that it works on two main agenda items at its twenty-second session: review of practical implementation issues of IFRS; and the comparability and relevance of existing indicators on corporate responsibility. Furthermore, under "other business" the Group agreed to consider corporate governance disclosures and other follow-ups. Further information on the twenty-first session of ISAR is available in the report of the session (TD/B/COM.2/ISAR/26). UNCTAD would like to gratefully acknowledge the contributions of many experts to the success of the twenty-first session of the Group of Experts. It is grateful to Abbas Ali Mirza, Technical Advisor to the Gulf Cooperation Council and Chairperson of the twenty-first session of ISAR, and Professor Alicja A. Jaruga, Professor of Accounting at the University of Lodz, Poland, for their outstanding leadership role in guiding the twenty-first session of ISAR to a successful conclusion. UNCTAD appreciates the positive contribution of Dr. Nancy Kamp-Roelands and Richard Frederick as resource persons to UNCTAD on issues of corporate social impact reporting and corporate governance disclosures respectively. UNCTAD acknowledges with thanks the contributions of André Baladi, Co-founder, International Corporate Governance Network; Igor Belikov, Director, Russian Institute of Directors; Ivan Clark, Partner, PricewaterhouseCoopers, Brazil; Ndung'u Gathinji, Chief-Executive, Eastern, Central, and Southern African Federation of Accountants; Lars Vind Sørensen, European Commission; and Hazem A. Yassin, Board Member, Capital Market Authority, Egypt, for their valuable input into the review of recent developments in corporate governance disclosures. UNCTAD express its gratitude to all members of the consultative group who contributed to the background paper on the comparability and relevance of existing indicators on corporate social responsibility that the Group of Experts considered at its twenty-first session. They are as follows: Roger Adams, Head of Technical Services, Chartered Association of Certified Accountants (ACCA), United Kingdom; Mallen Baker, Director of CSR and Reporting, Business in the Community, United Kingdom; André Baladi, Co-founder, International Corporate Governance Network (ICGN), Switzerland; Igor Belikov, Director, ix
Russian Institute of Directors, Russian Federation; Heloisa Belotti Bedicks, Secretary-General, Instituto Brasileiro de Governanca Corporativa (IBGC), Brazil; Paul Dembinski, General Secretary, Observatoire de la Finance, Switzerland; Robert Garnett, Board Member, International Accounting Standards Board, United Kingdom; Ndung’u Gathinji, CEO, Eastern Central and Southern African Federation of Accountants (ECSAFA), Kenya; Richard Golding, Partner, PricewaterhouseCoopers, Switzerland; Kathryn Gordon, Senior Economist, Organisation for Economic Co-operation and Development, France; Rob Gray, Director, Centre for Social and Environmental Research, United Kingdom; Dwight Justice, Multinational Enterprises, International Confederation of Free Trade Unions, Belgium; Nancy Kamp Roelands, Senior Manager, Ernst & Young, Netherlands; Parveen Mahmud, Deputy Managing Director, Palli Karma-Sahayak Foundation (PKSF), Bangladesh; Julie McDowell, SRI Research Manager, Standard Life Investment, United Kingdom; Abbas Ali Mirza, Partner, Deloitte & Touche, United Arab Emirates; Jennifer Morris, Hermes Pensions Management Ltd, United Kingdom; Mokheti Moshoeshoe, Director, African Institute of Corporate Citizenship, South Africa; Amanda Pingree, Senior Manager, Public Advisory, Business Strategy & Operations, PricewaterhouseCoopers, Switzerland; Michael Urminsky, Programme Officer, International Labour Office, Switzerland: Peter Utting, Deputy Director, United Nations Research Institute for Social Development, Switzerland and Lene Wendland, Associate Human Rights Officer, Office of the High Commissioner on Human Rights, Switzerland. UNCTAD would also like to thank the following experts for their excellent contributions as panellists and panel chairpersons at the workshop on the implementation of International Financial Reporting Standards (IFRS) which the UNCTAD secretariat organized on 26 October 2004: Svein Andresen, Secretary General, Financial Stability Forum; Norbert Breker, Financial Reporting Policy Group, European Federation of Accountants (FEE); Robert Garnett, Board Member, International Accounting Standards Board (IASB); Ndung'u Gathinji, Chief Executive, ECSAFA; Jacek Gdanski, Deputy Director of the Accounting Department, Ministry of Finance, Poland; Frederic Gielen, Senior Financial Management Specialist, World Bank; John Kellas, Chairman, International Auditing and Assurance Standards Board (IAASB), IFAC; Richard Martin, Head of Financial Reporting, Association of Chartered Certified Accountants (ACCA); David Mason, Partner, PricewaterhouseCoopers, Switzerland; Abbas Ali Mirza, Technical Advisor, Gulf Cooperation Council Accounting and Auditing Organization (GCCAAO); Haroldo Levy Neto, Vice President, Association of Financial Analysts (APIMEC), Brazil; Hazel Powling, Head of International Accounting Standards Implementation (IAS), Institute of Chartered Accountants of England and Wales; Kurt Ramin, Commercial Director, IASB; Lisa Sennhauser-Kelly, Executive Director, UBS, Switzerland; Lars Vind Sørensen, European Commission; Suphamit Techamontrikul, Lecturer, Faculty of Commerce and Accountancy, Chulalongkorn University, Thailand; Hans Verkruijsse, Director of Auditing, Ernst and Young, Netherlands; and Hazem A. Yassin, Board Member, Capital Markets Authority of Egypt. UNCTAD thanks the International Federation of Accountants and World Bank for giving permission to publish the studies that are contained in x
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ACRONYMS A&A Accounting and Auditin
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Accounting Standards: Illustrations
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Comparability of National and Inter
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CHAPTER V CORPORATE DISCLOSURES: SE
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International Accounting and Reporting Issues: 2004 Review - Unctad

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