ICAP Conference 2009 – Financial Meltdown- Crisis of Governance?
Sunday, September 13, 2009
On August 19 and 20 ICAP successfully held ICAP Conference 2009 on the theme Financial Meltdown – Crisis of Governance? as part of the SAFA Silver Jubilee celebrations. The Conference was attended by more than 600 participants. The presence of Finance Minister Mr. Shaukat Tarin at the Inaugural session and Chairman SECP and Governor State Bank of Pakistan as session chairmen at the technical sessions amplified the importance of this event. The Conference gave attendees a unique opportunity to network and exchange ideas. Foreign delegates from SAARC region also attended the closing session of the Conference to mark the Silver Jubilee of SAFA. We have placed presentations and relevant material on the ICAP website on important topics covered in the conference, and I am sure you will find them useful.
IFAC Recommendations to G-20 on Global Financial Crisis
Recently, the International Federation of Accountants (IFAC) has developed a series of recommendations, which have been sent for the consideration of G20 meeting being held on September 24-25, 2009. These recommendations, which have been sent by President IFAC Mr. Robert Bunting through his letter dated August 20, 2009, reflect the outcomes of the IFAC G20 Accountancy Summit, a workshop of nearly 40 accountancy institutions and organizational partners from seventeen G20 countries, which was held on July 23-24, 2009 in London.
As these recommendations are a summarized response of the accountancy profession to address the key issues and factors that caused the current economic crisis and to mitigate systemic risk to global financial system, I thought it important share them with you.
The eight recommendations to reduce the risk of financial crisis are:
1. The G20 should encourage all governments to adopt and implement common global standards not only for accounting, but also for auditing and for auditor independence.
2. We acknowledge progress made by the International Accounting Standards Committee Foundation (IASCF) toward reforming the governance structure of the International Accounting Standards Board (IASB); however, the G20 should take further steps to ensure that the IASB can function independently without inappropriate political interference.
3. The G20 should support the adoption and implementation of International Public Sector Accounting Standards (IPSASs) in all nations.
4. The G20 should call for measures to enhance corporate governance in their respective countries and in the global marketplace.
5. The G20 should explicitly address the needs and the realities of small and medium-sized enterprises in the formulation and implementation of policies and reforms.
6. The G20 should commit to long-term strengthening of the accountancy profession in developing and emerging countries.
7. The G20 should facilitate a debate with prudential regulators and a broad group of users of financial statements to consider the implications for financial reporting of making adjustments to standards to meet the needs of prudential monitoring and supervision.
8. The G20 should support the development of new tools and metrics to achieve global sustainability.
IFAC Recommendations to G-20 on Global Financial Crisis
Recently, the International Federation of Accountants (IFAC) has developed a series of recommendations, which have been sent for the consideration of G20 meeting being held on September 24-25, 2009. These recommendations, which have been sent by President IFAC Mr. Robert Bunting through his letter dated August 20, 2009, reflect the outcomes of the IFAC G20 Accountancy Summit, a workshop of nearly 40 accountancy institutions and organizational partners from seventeen G20 countries, which was held on July 23-24, 2009 in London.
As these recommendations are a summarized response of the accountancy profession to address the key issues and factors that caused the current economic crisis and to mitigate systemic risk to global financial system, I thought it important share them with you.
The eight recommendations to reduce the risk of financial crisis are:
1. The G20 should encourage all governments to adopt and implement common global standards not only for accounting, but also for auditing and for auditor independence.
2. We acknowledge progress made by the International Accounting Standards Committee Foundation (IASCF) toward reforming the governance structure of the International Accounting Standards Board (IASB); however, the G20 should take further steps to ensure that the IASB can function independently without inappropriate political interference.
3. The G20 should support the adoption and implementation of International Public Sector Accounting Standards (IPSASs) in all nations.
4. The G20 should call for measures to enhance corporate governance in their respective countries and in the global marketplace.
5. The G20 should explicitly address the needs and the realities of small and medium-sized enterprises in the formulation and implementation of policies and reforms.
6. The G20 should commit to long-term strengthening of the accountancy profession in developing and emerging countries.
7. The G20 should facilitate a debate with prudential regulators and a broad group of users of financial statements to consider the implications for financial reporting of making adjustments to standards to meet the needs of prudential monitoring and supervision.
8. The G20 should support the development of new tools and metrics to achieve global sustainability.
Labels: Financial crisis, ICAP
posted @ 3:23 PM,
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