PracticeAuditUN strikes agreement to boost accounting standards

UN strikes agreement to boost accounting standards

A cooperation agreement has been struck between the International Federation of Accountants (IFAC) and the United Nations Conference on Trade and Development (UNCTAD).

The two organisations will work together to boost accounting standards in developing countries and so-called transitional countries, such as in eastern Europe.

A joint project team will develop accounting education programmes, for instance. Also, they will cooperate in boosting corporate governance standards and public transparency. IFAC will participate in UNCTAD accounting-related committees, task forces and events.

UNCTAD will serve on IFAC?s education committee that is currently being reorganised, and on its developing nations permanent task force. UNCTAD already services the UN?s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), which promotes good practice in corporate reporting and disclosure in poorer countries.

UNCTAD said: ?The two organisations share the objectives of achieving greater transparency and accountability with a view to strengthening the international financial system and contributing to economic growth.?

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