The International Accounting Standards Board could initiate stronger requirement for reporting regarding good corporate governance. This would require companies to give transparent representation of board of directors, the frequency of their meetings and make sure that they are independent (Financial Standards Foundation 2009).
There could be some level of cooperation involved with the regulatory and rules issuing authorities in Colombia to aid them in implementing the IFRS and to regulate them well. This could further be supplemented by a strong and vociferous support of independent audit and remuneration as well as nomination committees which will make management oversight as independent as possible and lead to soaring investor confidence and a rise in financial sector development. There is also the potential opportunity in terms of following the model used by the United Statesin communicating with the International Accounting Standards Board to form joint committees to phase out the indigenous GAAP and move to a more widely used international standards.