Rebuilding Public Confidence in Financial Reporting

Abstract

The Task Force on Rebuilding Public Confidence in Financial Reporting was commissioned by the International Federation of Accountants (IFAC) to look at ways of restoring the credibility of financial reporting and corporate disclosure from an international perspective. It is this international perspective that distinguishes the report from the many national reviews on similar topics. The Task Force was asked to: (a) identify and analyze the causes of the loss of credibility; (b) consider alternative courses of action which might restore credibility; and (c) consider recommendations as to best practice in the areas of financial and business reporting, corporate governance and auditor performance. The report details the Task Force's findings and recommendations in each of these areas. The members of the Task Force brought to its deliberations extensive experience from a wide range of professional backgrounds. They come from six countries: Australia, Canada, France, Japan, the United Kingdom, and the United States. Three members have experience as accounting professionals, although only one is currently an auditor; the other members have experience in central and commercial banking, international economics, academia, and law. Five of the Task Force members currently serve on the boards and audit committees of listed companies.