"... I'm designing T-shirts now. They're gonna
be huge. Also medium and small." – Dylan, Modern
Some months before the SEC released its report on IFRS that we
discussed on the preceding page, the oversight bodies of the IASB,
the IFRS Trustees and the Monitoring Board, unveiled a new
strategic plan for the IASB – a new vision, if you will,
establishing the IASB's direction, operations, governance and
funding for the next ten years.
The plan affirms that the IASB's foremost objective is
developing IFRS as a single set of high quality, understandable and
enforceable global accounting standards. Major new strategic
initiatives flowing from this objective include:
Given the widespread and growing use of IFRS, focusing
activities on serving the needs of the countries that have adopted
or plan to adopt IFRS.
Maintaining a network of national and regional bodies involved
with standard setting as an integral part of the standard setting
process. The idea here is that the network would undertake
research, provide guidance on priorities, encourage stakeholder
input from their own jurisdiction into the IASB's due process,
identify emerging issues, etc. The goal is to reduce the risk of
non-endorsement of new IFRS.
Improving the clarity of its standards and the responsiveness
of the IFRS Interpretations Committee.
Developing a mechanism for securities and audit regulators, the
accounting profession and the IASB to discuss ways to enforce the
application of IFRS and identify and address areas of
Establishing funding on a basis that relies more on long-term
fixed commitments from participating countries and less on
short-term voluntary contributions.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Over the past year, we have watched the Canadian dollar drop relative to its U.S. counterpoint impacting Canadian businesses. U.S. goods and services are now more expensive, U.S. sales make a premium and errors when recording foreign exchange transactions can cost you more money.
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