Proceedings of 11th International Business and Social Science Research Conference 8 - 9 January, 2015, Crowne Plaza Hotel, Dubai, UAE. ISBN: 978-1-922069-70-2 Designing Architecture for Credible Financial Reporting: Simple Myth and Complex Reality Humayun Murshed There is a widespread recognition that credible financial reporting facilitates economic growth through promoting investors’ confidence, development of sustainable corporate sector, mitigating risks of financial spill overs; and enhancing transparency. Research has advocated for implementation of global standards and best practices through implementation of IFRS and ISA for putting in place acceptable means for ensuring credible financial reporting and global financial stability. Several recent financial crises have proved beyond limit that crisis in individual countries due to poor financial discipline can dislodge international financial stability. In this context, the G-20 Summit, held April 2009 in London, emphasized the adoption of “international agreed high standards that a global financial system requires.” The Summit further pronounced that “regulators and supervisors must protect consumers and investors, support market discipline, avoid adverse impacts on other countries, reduce the scope of regulatory arbitrage, support competition and dynamism, and keep pace with innovation in the marketplace.” Furthermore, it encouraged actions by emerging and developing economies for strengthened transparency, accountability, and enhanced disclosures to reduce the risk of market failure. However, in terms of real life context having a mechanism conforming to global standards has mammoth challenges, and a consistent and cohesive global action is needed for implementing international standards. This paper focuses on outlining important components of financial reporting architecture and emphasizes the need for having a global institutional order for ensuring credible financial reporting framework in the interest of global financial stability. _________________________________________________________________________________ Dr.Humayun Murshed, Associate Professor, Charles Sturt University & Senior Course Coordinator- Accounting Program, Charles Sturt University Study Centres.