Hans Hoogervorst, who is to succeed David Tweedie as the chairman of the International Accounting Standards Board (IASB), said transparency in the financial sector must be improved, at the opening session of the European Commission (EC) financial reporting and auditing conference.
“Accounting standards can improve financial reporting by increasing and encouraging transparency,” Hoogervorst said.
Hoogervorst called for the financial community to address the issues it is facing and by increasing transparency ensure greater investor confidence.
“Time shouldn’t be bought by hiding problems” he said.
Hoogervorst also said the IASB has to become more diverse to ensure its independence and credibility.
“The IASB shouldn’t be thought of as being owned or belonging to only a few countries,” Hoogevorst said.