Global Standards for the world economy

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Script of the speech by Hans Hoogervorst: 'Accounting Harmonisation and Global Economic Consequences'

 06 November 2012

Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), today called on securities regulators and national accounting standard-setters to support the IASB’s joint efforts with the US Financial Accounting Standards Board to “bring much-needed transparency” to lease accounting.

Speaking at the London School of Economics and Political Science, Mr Hoogervorst highlighted the extent to which lease arrangements have become one of the greatest sources of off balance sheet financing for many companies.

He explained how efforts to bring greater transparency in financial reporting often met strong resistance and lobbying from vested interests, but that in the fullness of time, those enhancements became accepted as normal business practice.

He said “Our efforts to shed light on hidden leverage should be warmly welcomed around the world. The fact is that we are still facing an uphill battle. We will need all of the help we can get, to ensure that we do not get lobbied off course.”

Read the full speech: Accounting Harmonisation and Global Economic Consequences [PDF]

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