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Mission of IFRS foundation & IASB (IFRS (purpose (to financial markets…
Mission of IFRS foundation & IASB
IFRS
purpose
to financial markets globally
bring transparency
enhance international comparability & quality of financial info
enable investors and other market participants to make informed decisions
bring accountability
close information gap between investors and people who have been entrusted with their money
information provided holds management to account
important to regulators globally
bring efficiency
contribute to economic efficiency
help investors identify opportunities & risks globally
improves capital allocation
lowers accounting costs for businesses
serve public interest
fostering trust
fostering growth
providing long term financial stability
non-profit
independent
rules set by board
vision
single set of global accounting standards (2000)
high quality
understandable
enforceable
serves best interest of global economy
Convergence is not a substitute for adoption
some form or similarity to the IFRS standards is not a substitute for full adoption
convergence can be a short term strategy
convergence can be used during the transition period
method cannot be enforced
legislative and regulators of countries are able to choose how they adopt the rules into national laws
countries need to establish own mechanisms
IFRS standards
preparation of financial accounts
must prescribe to
grouped by assets, liabilities, income, expenses
how to measure those items
how they are presented
relate-able disclosures
process used to set standards
agenda consultation
research programme
standards development
implementation