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Mission of the IFRS Foundation and the IASB (The Process (Agenda…
Mission of the IFRS Foundation and the IASB
The Vision
High quality global standards
Enforceable
Comparable
Understandable
A single set of standards
Convergence will not be an alternative to adoption
Convergence is short term
Adoption takes longer
The Standards
Items to be recognised as assets, liabilities, income and expense
They state how to measure the items and related disclosures about the items
They state how to present them
The development
The Board
An independent standard setting board
14 full time members from 11 countries
150 staff members from 30 countries
Supported by an IFRS Advisory Council
Engages with investors, regulators, global accountancy profession
Collaborates with worldwide community
The Process
Agenda Consultation
Research Programme
Standards Devlopment
Implementation
The Reasons
The Benefits
Brings Transparency
Strengthens Accountability
Contributes towards Efficiency