ICC advocacy of uniform accounting standards predates current crisis

Paris, 29 July 2002

Long before falling stock markets pushed corporate governance to the top of the political agenda, the International Chamber of Commerce was calling for a single set of high-quality international accounting standards

ICC's Commission on Financial Services and Insurance, said in May 2000: "Business enterprises would benefit from a common approach to financial reporting that is characterized by consistence, coherence and ease of implementation and understanding."

The commission said all general-purpose financial information should be prepared according to a single worldwide framework using common measurement criteria and requiring fair and comprehensive disclosure.

"The framework must provide users with a transparent representation of the underlying economics of transactions and must be applied rigorously and consistently."

Specifically, ICC sought convergence of the International Accounting Standards (IAS), widely used outside the United States, and the US Generally Accepted Accounting Principles (USGAAP). At the very least, agreement should be sought on mutual recognition, the world business organization said.

That statement was issued in light of the financial crises in the late nineties that hit Asia, Latin America and Russia. More recent developments in the United States and their worldwide repercussions underline its continued relevance.