The Task Force on Rebuilding Public Confidence in Financial Reporting (Credibility Task Force) was commissioned by the International Federation of Accountants (IFAC) in October 2002 to look at ways of restoring the credibility of financial reporting. It concluded its work in August 2003 with the issuance of its final report, "Rebuilding Public Confidence in Financial Reporting: An International Perspective." The report analyzes from an international perspective the causes of the loss of credibility and recommends courses of action to restore credibility. IFAC's leadership is addressing the recommendations pertaining to the international accountancy profession and is encouraging action by others involved in the financial reporting process.

A Japanese translation of the report is also available.

The task force was chaired by John Crow, former Governor of the Bank of Canada, and included representatives from company management, boards of directors, academia, and the accountancy profession. A complete list of task force members may be obtained by clicking here.

The final report includes recommendations on principles of best practices in the areas of financial reporting, corporate governance, corporate disclosure and auditor performance.

In carrying out its work, the task force gave attention to:


• The considerable volume of work already undertaken by IFAC member bodies and others at a national level in addressing the loss of credibility;
• Cross-national variation in the extent of the loss of credibility and its causes; and
• The emerging patterns of convergence in such areas as financial reporting and corporate governance.

Numerous materials on various aspects of governance and financial reporting from around the world have been assembled in the viewpoints database. This information is posted on the website as a service to IFAC member bodies and their members, those involved in governance processes, and investors and other stakeholders interested in obtaining additional information on this topic.

The information is posted in six categories:

• Global Perspectives -- Information on a wide range of governance issues categorized by country.

• Public Policy and Regulation -- Statements and positions submitted by regulatory and policy making bodies from around the world.

• The Governance Process: Roles and Responsibilities -- Papers and speeches on the roles of corporate management, boards of directors, audit committees, and auditors and others involved in the governance process.

• Financial Reporting -- Research and other materials on the financial reporting model and specific principles and rules.

• Auditing Issues -- Papers and commentaries on the changing role of auditors and key audit issues, such as scope of services, will be found in this section.

• Ethics -- Best practices for codes of ethics for professional accountants and commentaries on ethics in business.

Key Contacts

Primary Contacts:
Jan Munro (janmunro@ifac.org)


IFAC
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Phone:(212) 286-9344
Fax: (212) 286-9570

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