Review of current developments in international standards of accounting and reporting in the public and private sectors

The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting,

Acknowledging that high-quality and internationally comparable financial reporting in the public and private sectors plays an important role in strengthening the stability of financial architecture at the global and national levels and is essential for the implementation of the Addis Ababa Action Agenda of the Third International Conference on Financing for Development, the enhancement of financial inclusion and reduction of barriers faced by companies to access finance,

Recognizing that public and private sector entities around the world are in the process of implementing issued International Financial Reporting Standards and International Public Sector Accounting Standards,

1. Commends the UNCTAD secretariat for the richness of the panel discussions and very good quality of the background document TD/B/C.II/ISAR/90 it prepared for consideration by the session;
    
2. Requests the UNCTAD secretariat to continue monitoring issues that arise in the practical implementation of international standards of accounting and reporting in the public and private sectors and identifying good practices for addressing implementation challenges with a view to assisting developing countries and countries with economies in transition in their capacity-building efforts towards high-quality and internationally comparable financial reporting, including for small and medium-sized enterprises, in support of sustainable development.