end of it all, these requirements and their derivative innovations are driven more not by the regulator like cbk, but the market niche the bank or any other firm in business is operating in. the more we understand our market niches, the more we perform better and above all adhere to the rules of the game. market niches provide a drive to innovativeness. i should now end my talk. it has been a pleasure to share with you a regulator ’ s view on compliance with ifrs. i hope my remarks and observations have been useful. we are travelling on an important and challenging path towards achieving a robust and resilient financial system, and steady progress is being made. indeed, this progress is usually noticeable in times of economic vibrancy. you, as a key stakeholder, are also an important part of this journey. it is a great honour and privilege for me to declare the financial reporting workshop for the banking sector officially opened and to thank ernst and young for organizing such a workshop. thank you very much.

and other stakeholders are well - informed and a sound judgement on their financial status can be made by the market. quality and reliable information depends in turn, on the reporting standards being applied. in this respect, ifrs ensures that financial reporting is prepared under accepted principles that convey a true and fair view of the financial position of an institution. the foregoing notwithstanding, the central bank has made significant progress in strengthening the supervisory approaches and risk management guidance for banks and non - bank financial institutions. this is aimed at encouraging the banks and non - bank financial institutions to implement sound risk management practices at all levels and in all market segments. it is for this reason that the central bank will continue to attach great importance to risk management and reporting standards so that financial statements produced by banks and non - bank financial institutions convey adequate information about their risk management activities to key stakeholders, such as shareholders, creditors, depositors and any other interested parties. it is hoped that with adequate and timely information potential investors can make correct judgement / assessment of this market. the choice of basel ii as a topic for discussion during the workshop is indeed timely. basel ii represents a crossroad, a watershed and a turning point for the future of global supervisory practices. basel ii presents us with an opportunity to enhance risk management systems in our banks, upgrade our supervisory approaches and inculcate market discipline. this can only serve to enhance financial stability. central bank recently issued an information memorandum to banks and non - bank financial institutions thereby setting the stage for the implementation of basel ii. unlike basel i which focused on a single risk measure, basel ii puts more emphasis on the banks ’ own internal methodologies, supervisory review, and market discipline. the accord is based on three mutually reinforcing pillars that allow banks and supervisors to evaluate properly the various risks that banks face. all of the reinforcing pillars will contribute to safety and soundness in the financial system. market discipline reinforces the incentives for the management of banking enterprises to manage them along sound lines. it operates on the basis of disclosures and other information available in the market and defines the reward system for the management. periodic and meaningful disclosures by banks relating to their capital, risk exposures and risk management techniques enable market participants to make an assessment of a bank's risk profile. the information is also appropriate for supervision in that it generates advice and / or strengthens partnership. enhanced, high - quality disclosures are mandated in ifrs from an accounting perspective and in basel ii