IFAC Releases Paper on Financial Reporting on the Internet

(New York/August 26, 2002) — Recognizing the increasing use of the Internet as a medium for communicating financial information, the International Federation of Accountants (IFAC) has developed a paper outlining the responsibilities of directors and management to ensure high-quality transparent reporting through this medium. Entitled “Financial Reporting on the Internet – Responsibilities of Directors and Management,” the paper describes control considerations when an enterprise uses the Internet for communicating with investors, creditors, analysts, and other Internet users.

The paper points out that the directors and senior management need to ensure that any financial information provided through the Internet has the same integrity as that published in paper form. Thus, it urges management and directors to develop an Internet Reporting Policy that includes the following:

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