Participants in the conference on the financial crisis and its implications for the international financial reporting architecture and financial stability hosted by UNCTAD underscored the critical importance of a single set of high-quality financial reporting standards for restoring investors' confidence and fostering financial stability around the world.
In his opening remarks, the Deputy Secretary-General of UNCTAD Petko Draganov said that, "given the scale and pervasiveness of the crisis, it has become abundantly clear that no single country or region can successfully counter the downturn on its own. A durable solution can be found only through the collective efforts of all countries." The Deputy Secretary-General further noted that "there is a pressing need for cooperation and collaboration on a global level. International standards need to be strengthened and implemented consistently around the world."
In his keynote address, Mr. René Ricol, Credit Mediator for French Businesses and former President of the International Federation of Accountants, noted that in the aftermath of the financial crisis, corporate accounting and reporting issues were being discussed at the highest levels, including the Group of 20 (G-20), the Group of Eight (G-8) and by heads of government and states and ministers at other fora. He underscored that these developments should be reason for serious concern for accounting standard setters and the accounting profession in general. Mr. Ricol also highlighted that although financial reporting standards have became the subject of extensive debate, the financial crisis was not caused by accounting standards.
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