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The international Financial Crisis Advisory Group has proposed a wide-ranging review of recommendations aimed at addressing the market turmoil. The group was formed at the request of the International Accounting Standards Board and the US Financial Accounting Standards Board last year to consider financial reporting issues arising from the crisis.
SA's own representative on the group, Prof Wiseman Nkuhlu, had attended high-level meetings which culminated in a review of standard- setting activities. Ewald MA 1/4ller, senior executive of standards at the South African Institute of Chartered Accountants, yesterday said financial reporting was of great importance to investors and other financial market participants in their resource allocation decisions.
"The confidence of all these users in the transparency and integrity of financial reporting is critical to global financial stability and sound economic growth," MA 1/4ller said. The review of the advisory group maintains that accounting standards were not a root cause of the financial crisis.
It recognises that improved financial reporting will "help restore the confidence of financial market participants and thereby serve as a catalyst for increased financial stability and sound economic growth".
The advisory group recommended that global standard- setting could be improved by addressing four key principles: effective financial reporting; the limitations of financial reporting; the convergence of accounting standards; and standard-setter independence and accountability.
Nkuhlu said effective financial reporting attracted the bulk of the recommendations.
"This is not surprising, since effective financial reporting depends on high-quality accounting standards as well as the consistent and faithful application and rigorous independent audit and enforcement of those standards," he said.
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