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March 19, 2010
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. MembersThe 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. Project ScopeThe 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:
Viewpoints: Governance, Accountability and the Public TrustNumerous 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:
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