be transparent.. more explicit standardisation of reporting requirements ( both financial and other information ) would enhance comparability and the identification of how banks differ by financial performance, business activities, various prudential metrics, risk profile and risk management processes / practices. consistent over time : disclosure should enable trends to be identified in the institution ’ s balance sheet position, performance and risk profile over time. 3 / 11 bis central bankers'speeches taken together, these criteria provide a useful framework for benchmarking disclosure requirements and outcomes across different financial sectors. global efforts to enhance and improve financial institution disclosure following the gfc there has been a global and ongoing effort to improve public disclosure and consequently market discipline. for example, the international standards for supervision of banks produced by the basel committee were revised in 2012. they now include two new core principles on financial reporting and external audit ( bcp 27 ) and disclosure and transparency ( bcp 28 ) which replaced a single core principle on accounting and disclosure from the earlier 2006 standards. the basel standards are used by the imf in their financial sector assessment programme ( fsap ) which evaluates a member country ’ s approach to banking supervision. the imf recently conducted an fsap for new zealand and i ’ ll touch on the results of their assessment shortly. 6 while the reserve bank ’ s mandate is prudential ( i. e. financial soundness ), disclosure is also very important from a market conduct and consumer and investor protection perspective. these latter objectives generally sit with other entities, but equally demand high quality disclosure of information. regulation has also evolved significantly in the conduct dimension, in new zealand through the financial markets conduct act ( 2013 ) and the establishment of the financial markets authority in 2011. for the insurance sector, the international association of insurance supervisors ( iais ) is the global standard setter, with core principles first issued in 2011. the iais ’ principles are also used by the imf for fsap purposes. icp 20 is on public disclosure and requires the supervisor to set requirements for insurers to disclose relevant, comprehensive and adequate information. it needs to be timely and give policyholders and market participants a clear view of their business activities, performance and financial position. the reserve bank ’ s approach to registered bank disclosure public disclosure has been a cornerstone of the reserve bank ’ s approach to prudential regulation and supervision, particularly since 1996 when the disclosure regime for registered banks was introduced. the reserve bank has periodically reviewed

new zealand standards issued by the new zealand external reporting board ( xrb ). the xrb is a body that implements all accounting and auditing standards issued by the international accounting standards board ( iasb ) and the international auditing and assurance standard board ( iaasb ) respectively, by issuing new zealand equivalents. 9 haworth ( 2018 ), op cit. 11 / 11 bis central bankers'speeches