Information thus helps to delineate property rights and responsibilities, on which markets thrive. The education of the market participants, from investors to intermediaries, is helpful to the working of the market. Benchmarks or Standards 19. The delineation of property rights can only be achieved with better defined standards of measurement and valuation and clear set of regulations and laws. Transparency is only useful if there is adequate and timely disclosure of objectives and standards by which performance can be judged.
Information is classified by accounting standards.
In the absence of generally accepted accounting standards, uniformly enforced and applied, it is impossible to compare and contrast corporate performance globally. Financial fragility and crisis 20. In classic IT terminology, garbage in, garbage out. The Working Group emphasized the important elements of timeliness, completeness, consistency, risk management and audit and control processes. However, we are no longer simply debating about the need for global standards in accounting or asset valuation, but also the degree of formality of conduct or performance.