29th ISAR Session Lays Emphasis on Accounting Systems and Infrastructure
The 29th session of the UNCTAD (United Nations Conference on Trade and Development) Inter-governmental Working Group of Experts on matters pertaining to the ISAR (International Standards of Accounting and Reporting) took place in Geneva between 31st of October-2nd November. During the meeting discussions were held on topics such as regulatory, human resource and institutional needs that are important for the progressive economies for completely converging with international reporting and accounting systems. The session also witnessed an ‘accounting development toolkit’ being rolled out. This toolkit primarily focuses on strengthening accounting based infrastructure for the achievement of premium quality corporate related reporting.
During the meeting, members acknowledged the fact that reporting and accounting play a major role of addressing several social, environmental as well as corporate governance matters as well as also examined existing practices in sustainability related reporting.
The International Standards of Accounting and Reporting was set up in the year 1982. It is essentially a forum that focuses on strengthening corporate related reporting, specifically in developing economies. It holds meeting on an annual basis to take previous discussions and sessions further. The recent meeting witnessed participation from more than three hundred attendees that represent government based authorities, standard setting boards, academia as well as regulators.
Petko Draganov, UNCTAD’s Deputy Secretary-General pointed out during the meeting that a good accounting based reporting system is the key to setting up markets that are transparent. It is also essential for creating a healthy economy and further is dependent on the wider infrastructure, which guides, facilitates and supports it.
Draganov further mentioned that in the last 2 decades there has been a sort of proliferation of the international accounting, professional training, auditing standards as well as codes, in addition to the disclosure of social governance and environment information.
Draganov also stated that the accounting development related toolkit is great for different states that are currently members of the UNCTAD. He also clarified that it would assist in addressing the complete range of reporting as well as accounting related matters in a much more systematic manner and will set prerogatives for designers of policy in strengthening as well as developing their accounting related infrastructure.
So far nine nations have carried out their pilot tests using the toolkit and these include, China, Croatia, Côte d’Ivoire, Mexico, Brazil, Russia, Vietnam, South Africa and the Netherlands, and they all gave positive feedback during the meeting.