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International accounting and Reporting issues: 2004 Review
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Full Report ( 154 Pages, 792.0 KB )

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This volume of the Review of International Accounting and Reporting Issues contains the proceedings of the twenty-first session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), which took place in Geneva from 27 to 29 October 2004.

The first chapter contains a summary of the Groups´ deliberations and a background document on the comparability and relevance of existing indicators on corporate social responsibility.

The second chapter contains a background paper on the implementation status of corporate governance disclosures and the role of such disclosures in adding sustainable value.

In the third chapter we have reproduced a study by the World Bank on the implementation of international accounting and auditing standards. This study addresses challenges to the successful implementation of international accounting and auditing standards which have been observed by the World Bank when carrying out the Report on the Observance of Standards and Codes (ROSC) accounting and auditing assessments. It highlights the lack of a strong institutional and regulatory framework as a critical challenge in the implementation of international financial reporting and auditing standards. This study is contained in the third chapter of this volume.

The fourth chapter presents a study by the International Federation of Accountants (IFAC) entitled "Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs". The study addresses a number of questions, including the following: How do we move towards international convergence? What obstacles need to be overcome? What systems and processes can help facilitate international convergence? What roles can the IASB and IAASB and national standard-setters play in ensuring that international convergence is approached in a systematic and, where possible, consistent way?

The last chapter contains articles that address selected issues on corporate transparency.

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