onthoseissuesshouldtakeintoaccount recent developments inactualpractice in Government andforeign investor relations, aswellasmutually acceptable formulations foundinbilateral international treaties. 69. R~ferring tothereportoftheSecretary-General oninternational arrangements andagreements related totransnational corporations, anumberofdelegations from developed market economies notedtheincreasing linkage approach asanimportant newtrendininternational economic relations. Onthesuggestion thatthe conclusion ofthecodeofconduct couldhelptobringthedevelopment discussion in theinteLnational negotiatIons undertheGeneral Agreeme~t onTariffs and Trade(GATT), thosedelegations obsarved thatsincetherewasstillnoagreement on thecode,itmightbecounter-productive totrytobringthosecodeelements into theGATTdiscussions. ActiontakenbytheCommission 70.TheCommission tooknoteofthereportoftheSecretary-General onthecodeof conduct ontransnational corporations (E/C.10/19a9/4) andrequested the Secretary-General tosubmittoit,atitssixteenth sebsion, afurther report on thesubject. IttooknotealsoofthereportoftheSecretary-General on international arrangements andagreements related totransnational corporations (E/C.10/19a9/5) andrequested theSecretary-General toupdatethatreportforits sixteenth session. Draftcodeofconduct ontran9national corporations 71.AtthelOthmeeting, on12April19a9,theobserver forMalaysia, 14/on behalfoftheStates Members oftheUnitedNations thataremembers oftheGroup of77,introduced adraftresolution (E/C.10/19a9/L.7) entitled "Draft codeof conduct ontransnational corporations". 141Inaccordance withrule72oftherulesofprocedure oftheEconomic and SocialCouncil. -31-1>.1·.'.··.·.··.'.·····:.·.,.1.1 :1 'I rrl U::J ¥;/"l ~I ~;'.)'.\ wt ~:"1I'.I.., I1Itri ').\ fJ[; V'·1/! \'riI.', !r'J1'Ir ' Iq cl., hi···..···.I :..I , ! .1 ,) ! '\ ~..~ it'l "I II 1'1 1'1 1.41 '>1 iJ .I f'.\ ~l ~:l ~:I rl ~..jI" "~',jH ~·.·i ~...\ ~:.'I ~.i I'!j·1 1!ii(I \''1f., ~,; 11I\.\Ij ~'"\ (,'<!.~", I, I, I ", i I \ j', I' f {:;.t i72.Atthe13thmeeting, on14April,theSecretary oftheCommission readoutthe following revisions tothedraftresolution whichhadbeenagreedtoduring informal consultations: (a)Anewpreambular paragraph wasinserted afterthefirstpreambular paragraph, reading: "Reiterating thatthespecial session oftheCommission onTransnational Corporations continues tobethecompetent andauthoritative bodyofthe UnitedNations fornegotiating thecodeofconduct ontransnational corporations"; (b)Intheoperative paragraph thewords"tocontinue toconduct" were replaced bythewordsl'tointensify"; theword"draft" beforethewords"codeof conduct" wasdeleted; andthewords"assoonaspossible" werereplaced bythe words"inthecontext ofthespecial session oftheCommission onTransnational Corporations, possibly nolaterthantheendof1990". 73.Statements weremadebytherepresentatives ofBrazil andIndia. 74.Atthesamemeeting, theCommission adopted thedraftresolution, asorally revised (seechap.I,sect.A,draftresolution IV). -32- Chapt€LLY INTERNATIONAL STANDARDS OFACCOUNTING ANDREPORTING 75.TheCommission considered item6ofitsagendaatits6thmeeting, on 10April1989.Ithadbeforeitthereport oftheIntergovernmental Working Group ofExperts onInternational Standards ofAccounting andReporting onitsseventh session (E/C.I0/1989/7). 76.TheExecutive Director oftheCentre informed theCommission thattheGroup hadcontinued itsaction-oriented approach andintended tomaintain themomentum thathadplaceditinthevanguard ofbodies concerned withaccounting and reporti.ng issues. TheGrouphadapproved aframework tohelpusersandpreparers offinancial statements tounderstand better theobjectives andconcepts underlying suchstatements, whichwouldbeissued asacompanion volume totheGroup's agreed