1 Vice Chair for Supervision Quarles also serves as Chair of the Financial Stability Board. The remarks represent 2/3  BIS central bankers' speeches  his own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. 2 The  ARRC’s recommendations for fallback www.newyorkfed.org/arrc/fallbacks-contract-language.
In particular, it is increasingly desirable that the International Accounting Standards should incorporate disclosures of payments to governments by companies in the extraction of natural resources, especially those in the oil, gas and timber sectors. This needs to be done in both the public and private sectors to ensure that maximum revenue and other benefits accrue to the societies in which these companies operate.