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

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.