OECD Conference: Corporate Governance in Asia. The Importance of Transparency and Disclosure. Presented by Brian S. Brown Seoul, Korea - March 1999 . Today’s Discussion. An effective disclosure regime and the areas requiring further development in the Asian context
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“Big bath” restructuring charges
Creative acquisition accounting
“Cookie jar” reserves
Premature revenue recognition
Immaterial accounting misapplications
Role of Accounting Disclosure in East Asia Crisis*
Related party lending and borrowing
Foreign currency debt
Derivative financial instruments
Banking industryUS vs Emerging Market Issues
* UN Conference on Trade and Development in 12/98
Source: PwC / MORI survey on ValueReporting TM
Would the market pay for a zero audit failure standard?
Solutions require the sustained commitment to high standards, constant improvement and adaptation to ever changing business environment