The International Accounting Standards Board (IASB) has added investment firms from the UK, France and Japan to its ‘Investors in Financial Reporting’ initiative.
The initiative is aimed at increasing the industry body’s engagement with the investment community to build trust in capital markets and improving investment decisions by making financial reporting transparent.
BNP Paribas, Odey Asset Management and Sumitomo Mitsui Trust Bank are the additions to the board, which already includes 18 investment firms. They join some of the world’s best-known brands, including Aberdeen Asset Management, Allianz Global Investors and BlackRock.
When setting International Financial Reporting Standards (IFRS), required by 120 countries (the US still uses its Generally Accepted Accounting Principles), the board consults with investors, companies and regulators.
The ‘Investors in Financial Reporting’ was started in 2014 to further increase the participation of investors, especially from the buy-side community, in the standard-setting process and to help them stay up to date on the latest developments.
“Clear, representative and accurate company accounts are the bedrock of all good research,” said Crispin Odey, founding partner at Odey Asset Management.
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