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Mission of the IFRS & IASB (IFRS standards are developed (Overseen…
Mission of the IFRS & IASB
IFRS mission
Transparency
Accountability
Effciency
Not-for-profit, public interest
trust, growth, long term financial stability GE
The vision IASB
Private, not-for-profit
Formed 2001
IAS
Both have global mission
Public interest in financial stetements
2000, single set global accounting standards
High quality, transparent, comparable information
users making economic decisions
Supported by G20, WB,IMF, IOSCO, IFAC, EPC
IFRS standards
assets, liabilities, income and expense
How to measure?
How to present the financial statements
Related disclosures
IFRS standards are developed
Overseen geographically & professionally of trustees
monitoring board of public capital
14 members drawn from 11 countries variety professional backgrounds
combination of technical expertise & diversity of international business & market
Staff of 150 people from 30 countries.
Guidance when divergence in practice.
open, participatory & transparent due process
Engages with investors, regulators, business leaders, accountancy profession
Opportunities to develop standards
Board meetings are open to public
Agenda papers are public availability
Collaborates with the worldwide standard setting
Developing IFRS standards
Agenda consultation: Request for information, 3-5 year plan
Research programme: Research, Discussion paper, Agenda proposal
Standards development: Exposure draft, final IFRS standard
Implementation: interpretation or narrow-scope amendment, Post-implementation review.
Why adopt IFRS standards?
World financial markets are borderless
Organisations seek capital at the best price
Assess the risks & returns on investments
Financial information is relevant, relevant, reliable & comparable across borders.
Cross-borders & FDI = trillions of $
Improves the comparability & transparency with reducing preparation cost.
Can make better decisions with information.