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Dear WIN members,

The 29th Annual Session of ISAR (Intergovernmental Working Group of Experts on Standards of Accounting and Reporting) concluded in Geneva last week. Attending the meeting was keynote speaker, Mr. Michel Prada, Chairman of the IFRS Foundation Trustees - the highest authority in international standard-setting for financial reporting – and more than 270 participants from almost 80 countries, which underlined the importance of global standards for facilitating cross-border investment flows and for creating a stable, predictable and enabling investment climate.

With 45 speakers and 8 main events, organized over 4 days, the 29th ISAR Meeting addressed a number of issues relevant to developing countries in the areas of regulatory and institutional foundations for high-quality corporate reporting. First among these, was a presentation of the UNCTAD online Accounting Development Tool (ADT) that aims to assist policymakers in strengthening accounting infrastructure for achieving high-quality corporate reporting, including through measuring progress in a comparative and consistent manner.

The meeting heard feedback on the tool from pilot tests in Brazil, China, Côte d’Ivoire, Croatia, Mexico, the Netherlands, the Russian Federation, South Africa and Viet Nam, where initial reaction has been very positive. Delegates requested UNCTAD to work further on the ADT. Potential interest has been expressed  by several countries  in testing the tool, including Belarus, Belgium, Congo, Ecuador, Gabon, Jamaica, Morocco, Nigeria, Qatar, Trinidad & Tobago, Ukraine, Switzerland, Singapore and Tanzania. In an expert meeting, held on the last day of ISAR, representatives of international organizations, the accounting profession, standards setters, academia and UNCTAD also brainstormed ways to improve the ADT and the future roll-out of the project.

The meeting showcased UNCTAD's role as one of the implementing bodies of the Rio+20 call for action on sustainability reporting. Delegates agreed that UNCTAD, through ISAR, should continue to contribute to and strengthen the field of environmental reporting. It was also agreed that next year’s 30th anniversary session of ISAR would discuss the ADT implementation with a focus on human resource development  for high quality corporate reporting and review good practice in sustainability reporting by regulatory bodies and stock exchanges.

In addition to the main ISAR event, the meeting was prefaced by the Accounting Education Forum, organized jointly by UNCTAD-ISAR and the International Financial Reporting Standards (IFRS) Foundation, and attended by 80 participants. As part of the Forum, experts from the International Accounting Standards Board (IASB) conducted a hands-on workshop demonstrating the practical applications of a framework-based approach to the teaching of reporting standards.

During the meeting, numerous networking events also took place, including a reception co-sponsored by the UK Association of Certified Charted Accountants, as well as several discussions between UNCTAD and its strategic partners, including the World Bank, the International Organization of Securities Commissions (IOSCO), the IASB and the International Federation of Accountants (IFAC). Discussions focused on the potential areas of cooperation for strengthening regulatory and institutional foundations for high quality corporate reporting.