20 April 2021, New York – Amb. Enrique A. Manalo, Philippine Permanent Representative to the United Nations New York, reported today that the Philippines was elected by acclamation by the UN Economic and Social Council (ECOSOC) Member States to serve as Member of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) during the Council’s Management Segment meeting held at United Nations Headquarters in New York. PH will serve its third consecutive three-year term from January 2022 to December 2024, following the end of its current second-term of membership on 31 December 2021.
Established in 1982 by ECOSOC, ISAR is the UN focal point on accounting, and corporate transparency and governance matters. It assists member States in their efforts towards implementation of international standards to promote harmonization and improvement of quality corporate reporting. ISAR also provides opportunities for exchange of views and best practices, building consensus and providing technical assistance on issues related to accountancy, and financial and sustainability reporting.
Ambassador Manalo said “The Philippines’ election to the ISAR provides an opportunity for it, along with other Member States and key partner organizations, to discuss trends in accounting and reporting, as well as challenges and ways to address them, with a view to enhancing reporting on private sector contribution to the implementation of the 2030 Agenda for Sustainable Development.”
The work of ISAR has been particularly relevant to the needs of UN Member States, including PH, given the importance of corporate reporting on the enhancement of Sustainable Development Goals (SDG) monitoring mechanisms. ISAR aids in strengthening efforts of governments and enterprises, among others, to help ensure coherence with existing reporting frameworks and practices and facilitate quality and international comparability of reporting as means to promote sustainable and inclusive investment flows.
Since PH’s membership in 2016, the country was represented in the intergovernmental working group of experts by Mr. Joel Tan-Torres, Dean of UP School of Business and former Chair of the Board of Accountancy of PH’s Professional Regulatory Commission (PRC). The Department of Finance, Bangko Sentral ng Pilipinas, Commission on Audit, PRC Board of Accountancy and the Philippine Institute of Certified Public Accountants have actively participated and contributed valuable inputs during ISAR sessions held annually in Geneva. Dean Tan-Torres, the first Filipino to participate in the working group, shared PH experience and best practices on accounting and reporting in his engagements with ISAR. – END.