Arnold Schilder: Accounting standards, transparency and supervision Speech by Professor Arnold Schilder, Executive Director of De Nederlandsche Bank NV, Board Member of the Pensions and Insurance Supervisory Authority of the Netherlands, and Chairman of the Accounting Task Force of the Basel Committee on Banking Supervision, at the congress EYe on Banking, sponsored by Ernst & Young, in Utrecht, 6 November 2002.
*  *  *  Introduction Frequent downward restatements of earnings, and accounting abuses, have deeply shaken public confidence in the reliability of financial reporting. This has contributed to the worldwide downfalls in share prices. In this context, questions arise such as what should be done with accounting standards and whether greater transparency could help to restore public confidence.