text: conclusions. TheGrouphadarrived ataconsensus concerning accounting for hyperinflation. Instressing thecontinuing significant potential oftheGroup, he referred tothepractical reasons whybothtransnational corporations andMember States mightchoose toharmonize divergent accounting standards. Forexample, transnational corporations inincreasing numbers werebecoming partners injoint ventures. Withtheglobalization offinancial markets, international accounting standards provided theonlyeffective meansfortheregulation ofthosemarkets. Although complex, issues andconcerns regarding international accounting standards werelikely topropel thesubject totheforefront ofdiscussions ontransnational business. Concerning theinfluential roleplayed bythemembers oftheGroup representing developing countries -particularly withrespect todiscussions' on education/training andaccounting needsinAfrica -theExecutive Director thanked theGovernment ofNorway forthecontribution thathaddefrayed someofthe expenses ofthesession. Heappealed totheCommission tosolvetheproblem ona morepermanent basis, andwelcomed suggestions fromdelegations inthatregard. 77.Delegations commented ontheusefulness andimportance oftheworkofthe Groupandexpressed theirsatisfaction withitsaccomplishments. Delegations commended theGroupforachieving consensus withrespect toobjectives andconcepts underlying financial statements, information disclosure requirements concel~ing the annualreport oftheboardofdirectors, andaccounting forhyperinflation. The Commission anticipated theresults oftherevised international survey offinancial statements, whichwouldallowbetter understanding oftheavailability and comparability ofinformation disclosure worldwide. TheGroup's discussions on waysandmeansofimproving thesurvey onaccounting education andtraining, particularly withrespect tothesurvey onAfrica, wereseenasanecessary first steptowards possible increased technical co-operation bytheCentre inthatarea. TheCommission welcomed theGroup's choice oftopics onapriority basis, including information disclosure relating toenvironmental matters, accounting forpension costs, forintangibles, andforandbyjointventures. 78.Onedelegation statedthattheGroupshould become thesolegovernmental body attheinternational leveldealing withaccountancy issues. Itwasnotedthat developing countries hadmademanyimportant contributions; however, owingto financial constraints fullparticipation hadoftenbeenhampered. TheCommission paidtribute totheGovernment thathadextended financial support. Itwasnoted thatalong-t~rm solution wasrequired, andthataninstitutionalized mechanism -33-I!I J jI[ \!. \FrI' tIII 1ii'i" \ !1, ! I ~I!!. ! Ii j. I II·i ! "J1, ). f ).. f f::.. I i, Itl··' I:' :should becreated, suchastheestablishment ofapermanent trustfundtosupport theparticipation ofdeveloping countries intheworkoftheGroup. Action takenbytheCommission 79.TheCommission tooknotewithappreciation ofthereportofthe Intergovernmental Working GroupofExperts onInternational Standards ofAccounting andReporting onitsseventh session (E/C.10/1989/7), encouraged MemberStatesina position todosotocontribute toatrustfundthatcouldbeusedtoassist developing countries intheirparticipation intheGroup, andrequested theGroup andtheSecretariat tocontinue toexplore waysofexpanding theirworkinthe areasoftechnical assistance andadvisory andinformation services withrespect to international accounting andreporting issues. 80.Atits6thmeeting, on10April,theCommission adopted twodraftdecisions, entitled "Report oftheIntergovernmental Working GroupofExperts onInternational
analysis: The text appears to be discussing the work of an international group focused on accounting standards and financial reporting, with a specific emphasis on the challenges faced by developing countries. The language used is technical and formal, indicating that the topic is likely related to economic development and international cooperation.