As funds are invested in many countries, the adoption of IFRS has simplified matters when compared to the 3/4  BIS central bankers' speeches  pre-IFRS world of wildly diverging national accounting standards. I have, so far, highlighted the importance of accountants in the process of economic development of a country.
6  BIS Review 15/2003  particular, through two decades of effort the Fed has restored its credibility for maintaining low and stable inflation, which--as theory suggests--has had the important benefit of increasing the institution's ability to respond to shocks to the real economy.