Standard financial disclosure sought<\/p>\n
CEBU, Philippines (AFP): Members of the Asia-Pacific Economic
\nCooperation (APEC) forum need a common standard for financial
\ndisclosure if they want to boost capital markets, an economic
\nthink-tank said Saturday.<\/p>\n
The Singapore-based Pacific Economic Cooperation Council
\n(PECC) said this was one of the recommendations submitted to the
\nAPEC finance ministers' meeting, being held this weekend in this
\ncentral Philippine city.<\/p>\n
It also called on APEC members to find more ways of financing
\ninfrastructure development and liberalize cross-border capital
\nflows.<\/p>\n
The council said standard requirements for APEC would make it
\neasier to go to equity and bond markets to raise funds and would
\nalso enable investors to compare companies from different
\neconomies.<\/p>\n
Standard requirements should include a minimum list of
\ndisclosure items in financial statements, unified accounting
\nprinciples, external auditing systems and a common language.<\/p>\n
PECC recommended firms and stock exchanges in APEC adopt
\nglobal standards now being drawn up by the International
\nOrganization of Securities Commissions and the International
\nAccounting Standards Committee.<\/p>\n
The group called on APEC members to deregulate their capital
\nmarkets, mobilize domestic savings and attract more institutional
\ninvestors such as life insurance firms and pension funds.
\nWhile calling for liberalized capital flows, PECC said this must
\nbe timed correctly, adding that APEC economies could establish
\ncooperative systems to ensure financial and exchange rate
\nstability.<\/p>\n
PECC was one of three non-government groups that met with the
\nministers to discuss the major issues of the meeting, namely
\ncapital flows, opening of capital markets and private sector
\ninvestment in infrastructure.<\/p>\n
The aim of the meeting is to find ways to attract more private
\nsector funds to finance the mammoth infrastructure needs of the
\ndeveloping countries of Asia, which multilateral agencies
\nestimate will hit 1.5 trillion dollars in the coming years.<\/p>\n
Various officials at the meeting have warned that governments
\ncannot afford the fund the development needed if the region's
\ndynamic growth is to be maintained and that private sector
\nfinancing is needed to bridge the gap.<\/p>\n
The APEC Business Advisory Council and the APEC Financiers
\nGroup also met with the ministers on the same issues.<\/p>",
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