roger w ferguson, jr : international financial reporting and auditing remarks by mr roger w ferguson, jr, vice chairman of the board of governors of the us federal reserve system, to the financial stability forum, international accounting standards board, and international federation of accountants roundtable on financial reporting and auditing, paris, 16 february 2006 ( via videoconference ). * * * it is a pleasure to join you for this joint roundtable on financial reporting and auditing. as chairman of the financial stability forum, i would like to express my appreciation to all of you that are participating in this roundtable as distinguished speakers or in other roles. in addition, i appreciate the very good partnership that we have had with the international accounting standards board ( iasb ) and international federation of accountants ( ifac ), and with our host, the world bank, in preparing for this gathering. since our last joint roundtable in october 2004, much has transpired in the international accounting and auditing arenas. indeed, 2005 was a very big implementation year for international standards around the world. the topics of this roundtable - - dealing with the experience of implementing iasb and ifac standards and related regulatory challenges, international convergence and harmonization, issues associated with using fair values in the financial reporting model, and risks and vulnerabilities arising from the financial reporting chain - - all reflect the interconnectedness of accounting, auditing, and regulation and the need to consider these issues from the unique perspectives that all of you bring to the table. it is very important that this type of constructive dialogue continues to take place among the many key stakeholders in the financial reporting chain. the focus of the roundtable - - international financial reporting and auditing - - continues to gain increased attention from members of the international regulatory community such as the financial stability forum, the international organization of securities commissions ( iosco ), the international association of insurance supervisors ( iais ), and the basel committee as well as from national supervisors, standards setters, banks, investors, analysts, auditors, and many others. as we all know, in recent years, accounting and auditing scandals and other developments have found their way onto the front pages of your daily newspapers in ways rarely seen before. these challenging developments have led to a new resolve on the part of governmental, regulatory, and business leaders that there must be a reinforcement and improvement of standards - setting processes and a return to sound accounting, auditing, and disclosure practices by companies

with ai / ml allowing automation of data processing. 22. from the standpoint of the bank, research is increasingly becoming important to almost every major function, as a result of which research units have been set up in other departments. that process needs to be sustained and scaled up pro - actively. moreover, in a vast and diverse country like india, research on regional issues also merit policy attention. 23. the department must internalise strategic medium to long - term research issues in its research agenda. separate teams may work on such issues. this would help in identifying and maintaining a list of structural policy changes that can raise the growth trajectory of the economy in a sustainable and inclusive manner. 24. the trifecta of deglobalisation, climate change and deeper penetration of technology appears to be the most anticipated trend for the future. this can be potentially disruptive, requiring strategies to mitigate the associated risks. the aftereffects of the three shocks i mentioned earlier are still unfolding and would warrant constant vigil. the research function of the reserve bank, therefore, must remain prepared to respond to these multiple possibilities as it has done in the past. 25. i wish the conference all success and do hope that the learnings from different sessions here would help the department in setting new goals to further strengthen the research function of the bank. 1 feedback collected directly from stakeholders in several key sectors of the economy included vaccine manufacturing firms, pharmaceutical companies, transport operators, hotels, restaurants, tour operators, shopping malls, amusement parks, airport ground handling firms, msmes, mutual funds industry, small finance banks and micro finance entities, besides trade bodies and banks. this helped in dealing with the information gap created by the pandemic. 6 / 6 bis - central bankers'speeches