The Promise and Perils of Convergence in Financial Regulation and Consumer Protection

What is it about?

Why is global regulatory convergence of such vital importance given the prevailing global economic and financial environment? Such importance is not only evidenced by the current information uncertainty hovering over the global financial markets, but also the need for enhanced transparency and financial informational disclosure and reporting - which can be fostered where regulatory convergence is possible.

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Why is it important?

Whilst certain standards such as the International Accounting Standard (IAS) 8, are intended to “enhance the relevance and reliability of an entity’s financial statements, and the comparability of those financial statements over time and with the financial statements of other entities”, the global adoption and endorsement of International Financial Reporting Standards (IFRS), it is certain, will require time – as well as a huge change and transition for many major economies across the globe – as reflected by the most recent statistics.