NORWALK, Conn.--(BUSINESS WIRE)--Earlier today, FASB Chairman Russell G. Golden addressed the United Nations Conference on Trade and Development International Working Group of Experts on International Standards of Accounting and Reporting in Geneva, Switzerland.
In his address, Mr. Golden called for cooperation among standard setters, audit overseers, and securities regulators to promote high-quality financial reporting. He said:
“The principal goal of accounting standards should be to promote truth-telling in financial reporting. Capital markets should pick winners and losers based on merit. But the markets can perform that function only if they have access to truthful and accurate financial reporting.
“Accounting standards are an important element—but not the only element—required to promote high-quality financial reporting. We need honest companies, we need honest auditors—and we need watchful regulators—to make the system work. The standards themselves can only go so far. Every participant in the capital markets has a role.”