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In its statement of principles, the Monitoring Board emphasised the relevance of providing high-quality financial information to ensure the confidence of capital providers in making investment decisions. The Monitoring Board also highlighted the importance of ‘independence and transparency in the standard setter’s due process.’ (The full Monitoring Board statement can be found in a PDF on the IOSCO website).
The Trustees recently wrote to the G20 leaders, who are meeting later this week in Pittsburgh, to emphasise ‘the Trustees and the IASB are committed to taking all of the actions necessary within their sphere of responsibility to deal with the issues arising from the financial crisis.’ The Trustees believe that the fundamental principles outlined by the Monitoring Board provide an important contribution in reminding the Trustees, the IASB, and stakeholders of the important role that accounting standards play in the functioning of capital markets and the economy at large. (The IASC Foundation’s letter to the G20 leaders can be found by clicking here).
Commenting on the Monitoring Board statement, Gerrit Zalm, Chairman of the Trustees said:
The Monitoring Board’s principles remind us that financial standards play an integral role in the economy by striving to provide unbiased, transparent and relevant information about the economic performance. We at the IASC Foundation and the IASB are committed to ensuring that our response to the financial crisis is measured against that objective.
Press enquiries
For press enquiries, please contact:
- Mark Byatt, Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472
Email: mbyatt@iasb.org
- Sonja Horn, Communications Adviser, IASB
Telephone: +44 (0)20 7246 6463
Email: shorn@iasb.org |