This Policy Paper provides for transparency by IAASA in highlighting its financial reporting supervision activities including publication of:
- significant financial reporting decisions,
- financial statement examinations undertaken and summary of outcomes, and
- thematic papers covering topical financial reporting areas.
The revised Policy Paper – which was last updated in 2016 – reflects, to the extent deemed appropriate, the views of stakeholders provided in response to a consultation process. Comment letters were received from three respondents.
In determining the extent to which it publishes information on its financial reporting supervision activities, IAASA seeks to strike a balance between transparency and confidentiality. IAASA, as a European accounting enforcer, is informed by the publication practices of other EU accounting enforcers. Publication practices vary extensively across Europe with some member States publishing little if any information while other member States publish all correspondence between the enforcer and the issuer. IAASA believes that the revised Policy Paper strikes an appropriate balance and represents best practice.
It is IAASA’s intention to periodically review the Policy Paper and may amend the Policy based on experience gained from the publication of its financial reporting supervision activities and to ensure an appropriate level of transparency with regard to those activities.