CFC Communication
Held in Geneva, Switzerland, from October 24 to 26, the 35th Session of the Intergovernmental Working Group of Experts on International Standards for Accounting and Reporting (ISAR), addressed relevant issues for member states to present the problems of financial and non-financial information of companies.
In addition to presenting the work developed by Glass, the director of the Group of Latin American Accounting Standard Setters (Glass), Alejandro Vera Espinosa (Chile), said that issues such as the “Agenda 2030 for Sustainable Development” were discussed, “A new demand for business reports”, “the review of the problems of practical implementation of international accounting standards and reporting of the public and private sectors”.
Regarding the diagnosis for Small and Medium Enterprises (SMEs), Espinosa affirms that the process of implementing standards in this sector presents successful results. According to him, “we need to seek more support from important institutions such as the World Bank and the United Nations.”
Regarding the implementation of the International Public Sector Accounting Standards (IPSAS), Espinosa states that it was briefly mentioned at the meeting. “I only referred to the revision of the standards of the Chilean model, which brings excellent results.”
