Isabelle Ferrand, Chief Financial Officer at Confédération Nationale du Credit Mutuel has been appointed to represent the International Co-operative Alliance on the International Financial Reporting Standards (IFRS) Advisory Council. This important achievement for the co-operative movement is to obtain greater inclusion of the co-operative perspective and imroved recognition of cooperatives’ specific business model.
The nomination of Mrs Ferrand is a first for the International Co-operative Alliance, which will now have permanent representation within the Council.
Accounting provides companies, investors, regulators and others with a standardised way to describe the financial performance of an entity. Accounting standards present preparers of financial statements with a set of rules to abide by when preparing an entity’s accounts, ensuring this standardisation across the market.
The appointment of an Alliance representative is to achieve greater inclusion of the co-operative perspective and improved recognition of their specific business model with policy makers at both national and international level.
Newly elected president of the Allianca, Monique Leroux, said: “Ms. Ferrand’s nomination is a tremendous achievement for the cooperative movement. For the first time, the Alliance will now have permanent representation within the Council which develops International Financial Reporting Standards. As Chair of the International Accounting and Regulatory Affairs Committee (IARAC) of the Alliance, I am proud that we decided to submit Ms. Ferrand’s cancidacy and I think this will open the door a greater dialogue between regulators and co-operative financial institutions”.
The IFRS mission is to develop International Financial Reporting Standards that bring transparency, accountability and efficiency to financial markets around the world. The IFRS Advisory Council is the formal advisory body to the IASB and consists of a wide range of representatives from groups including investors, financial analysts and other users of financial statements, as well as regulators. 43 organisations from across the world are represented on the Advisory Council.
The Council advises the IFRS Foundation Trustees and the IASB on both strategic and technical matters. It is made up of over 40 representatives from a broad range of groups that are affected by and interested in international financial reporting, including academics, analysts, auditors, investors, preparers, professional accounting bodies, regulators and standard-setters.
