Summary: On July 17, ISDA’s accounting committee responded to the European Commission’s (EC) consultation on ‘Fitness Check on the EU Framework for Public Reporting by Companies’. ISDA’s members stressed that the main objective of IFRS is to provide useful information to investors, lenders and other creditors to assist them in making decisions about buying, selling, settling or holding equity and debt instruments and other forms of credit. The IFRS is not – and should not be – designed to ensure financial stability or to promote sustainability. The main achievements of IFRS have been to help develop cross-border markets within the EU and across the globe. A single accounting framework has strengthened confidence in financial reporting, reduced the costs of reporting for entities with multinational operations and promoted the free movement of accounting personnel.