ISSAI Executive Summaries
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.
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.
Ámbito - Contenido:
INTOSAI Subcommittee on Accounting and Reporting
Approved at XX Congress of INTOSAI, South Africa 2010
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Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (http://www.ifac.org/publications-resources/conceptual-framework-general-purpose-financial-reporting-public-sector-enti-6)