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Executive Summary:

INTOSAI GOV 9200 – The importance of an independent standard-setting process


A successful standard-setting due process produces high-quality standards that yield relevant, reliable, neutral, consistent, and comparable financial statements that meet the needs of users. To achieve this goal, the standard-setting process must be rigorous, transparent, objective, and participatory.

ISSAI Category:

Target Group:

Heads and Audit Directors of SAIs, governments, accounting bodies, national and international standard setting bodies


For financial statements to be credible they must be prepared following a set of understandable, enforceable, and objective principles that are not subject to the individual preference of the individual who is preparing them. While governments may adopt various mechanisms to ensure the development of such standards,, such as advisory panels, the reference to standards established by an independent standard-setting process is preferable.

Scope - Content:

  • Description of the recognized process for independent standard setting
  • Common elements of an effective, independent accounting standard- setting body and supporting staff include
  • Current standard setting landscape
  • Case studies

Author - Committee:

INTOSAI Subcommittee on Accounting and Reporting


Approved at XX Congress of INTOSAI, South Africa 2010


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