PracticeConsultingCall for German institutions to play active role in shaping international standards

Call for German institutions to play active role in shaping international standards

The development of a set of international financial disclosure standards requires the help of all participants in financial markets, according to experts.

Rick Murray, managing director of legal and regulatory affairs at Deloitte Touche Tohmatsu, was among leading observers meeting recently in Berlin when he said corporations, international investors, academics, the banking industry and regulators were all needed to produce a ‘durable solution’ to the vexed problem of ‘uniform’ disclosure standards.

Opening the meeting Murray revealed DTT is working with the International Federation of Accounting Development to produce a coherent set of standards.DTT was hosting the second in a series of meetings on dislcosure standards and experts identified Germany to be well placed to help in the process of development.

Accounting in Germany is currently in a state of flux as companies move from an informal reporting system for key creditors to an equitable framework based on disclosure to all stakeholders.

It is this state, experts believe, which places Germany in a unique position to help develop new standards.

Participants expressed the view that Germany should use its role in the global economy and its corporate leadership to further the cause of uniform disclosure.

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