India has secured an uncontested appointment to United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) for term 2025-2027. This prestigious election underscores global community’s confidence in India’s growing influence in shaping financial reporting and corporate disclosure frameworks worldwide.
Key Highlights
Uncontested Election:
- India was elected to ISAR membership uncontested, reflecting strong international support for its expertise in advancing global accounting standards.
Global Influence in Financial Reporting:
- As an ISAR member, India is positioned to play a significant role in the development and harmonization of financial reporting structures.
- The focus will be on promoting transparency, accountability, and uniformity in financial reporting across countries.
Commitment to Advancing Standards:
- India reaffirms its commitment to advancing global accounting standards.
- This includes influencing development of policies that enhance corporate disclosure practices and promote non-financial reporting on environmental issues, corporate governance, and social responsibility.
About ISAR
Operating Framework:
- ISAR operates under the auspices of the United Nations Conference on Trade and Development (UNCTAD), which is the focal point for accounting and reporting issues within the UN system.
Mandate and Functions:
- Quality and Comparability: ISAR aims to improve the quality and international comparability of financial reporting and non-financial disclosure.
- Research and Policy Analysis: The organization conducts detailed research and policy analysis to address emerging issues in enterprise accounting and corporate disclosure practices.
- Technical Assistance: ISAR provides technical assistance on capacity-building, utilizing tools like its Accounting Development Tool.
Annual Sessions:
- ISAR holds its annual sessions in Geneva, where policy-makers, regulators, standard-setters, and experts convene to discuss and address new challenges in financial reporting.
Membership Composition: The group comprises 34 formal members serving three-year terms:
- Nine African countries
- Seven Asian countries
- Six Latin American countries
- Three Eastern European countries
- Nine Western European and other States
Role in Global Finance:
- By promoting good practices in corporate transparency and accountability, ISAR helps attract international investments and supports global economic stability.