Results of Global Session Provide Direction
The first session of a new meeting series to improve international financial disclosure was held last month. The session, “Towards Greater Financial Disclosure,” united business leaders, academia, regulators, government officials, accounting industry experts and financial institutions from Asia, Europe and North America. Deloitte Touche Tohmatsu (DTT), a global professional services firm, was responsible for initiating the meeting series.
International financial disclosure is a global issue that has been described as a “significant contributing factor to the Asian Economic Crisis.” Leaders are no longer blindly make decisions about stock markets.
The six panelists attending the session offered a range of approaches that could improve financial disclosure. Four essential concepts emerged:
1. Corporate governance is vital to ensure the quality of data
2. Transparency must be connected to accountability
3. A new reporting strategy must be developed which verifies the benefit of financial transparency
4. Public and private sectors must work together to find a solution
The session was moderated by Rick Murray, Director of Legal and Regulatory Affairs for DTT. Panelists included Matthew Saal, Director of Medley Global Advisors; Dr. Buhmsoo Choi, Senior Counselor for the Korean Financial Supervisory Commission; and Dr. Nilanjan Sen, Senior Fellow at Nanyang Technological University of Singapore.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.