the representative of the United Nations Centre on Transnational Corporations informed the Commission that the Group was fulfilling its primary objective of serving as a global forum for the discussion of international accounting and reporting issues. In particular, it discussed accounting implications of the continued instability in financial markets, European economic integration and glasnost. It took up such technical topics as accounting by and for joint ventures and accounting for pension commitments, intangibles and environmental protection measures. Some of those topics had a significant economic impact since a modification in accounting rules could lead to significant changes in balance sheets or income statements. 37. He said that the Group had also examined accounting needs in Africa and had suggested that regional meetings be held, during which pilot projects to meet those needs could be identified. The Group was in the process of re-examining _its objectives and how to achieve them in the light of changes in the global economy. The Group was aware of the need to improve developing country participation and had encouraged the Centre to hold special meetings in Africa and Latin America to encourage such participation. 38. One representative said that the gradual conversion of his country to a market economy would require legal, financial and accounting reforms. In particular, it was important to improve accounting to better serve the needs of investors. The accounting system should no longer be used merely to verify production targets. His country evaluated very positively the Group's work on joint ventures, intangibles and environmental protection measures since the Group was contributing to economic restructuring. The representative of a country of the same region said that his country was ready to make greater use of agreed international standards and that the Group's work was making a positive contribution to economic co-operation; he favoured the further development of that work. 
**Analysis**
The text discusses the activities and objectives of the United Nations Centre on Transnational Corporations' Group, focusing on international accounting and reporting issues, such as joint ventures, intangibles, environmental protection, and pension commitments. The text also touches on the impact of these issues on economic development, particularly in developing countries. The discussion seems to be more focused on economic and financial aspects rather than environmental or humanitarian concerns.

**Category**
Economic development, International trade