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.

You may like these other stories...

By Jason BramwellThe IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).Financial institutions...
By Curtis C. Verschoor, CMAThe furor over the extensive tax avoidance measures used by technology companies such as Google and Apple has reached new heights in both the United Kingdom and the United States. Government...
By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 26
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.