"The quality of financial information produced by IFRS is very high, thanks to the work of the IASB, but also to the convergence project with the United States. And a decade of use by both advanced and developing economies has shown that our mission of a s ingle set of high global accounting standards is desirable, achievable and in my view, inevitable." [IASB's Ian Mackintosh, The Maturing of IFRS]
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Who Among Us Considers the IASB a “Success Story”?
Count IASB Vice Chairman Ian Mackintosh as one.
Ian Mackintosh called the IASB a success story, saying global standards are now accepted in more than 120 countries and high-profile non-signer the US will make a decision later this year.
A high-profile non-signer who increasingly sounds pessimistic about the whole exercise. Oh! India and Japan aren’t sold either. Sounds like a winner, doesn’t it?
Investors: IFRS unfit for purpose [Accountancy Age]
IASB Chairman: You Can’t Stop IFRS; You Can’t Even Hope to Contain It
“It is my strong conviction that the momentum behind IFRS is so strong right now it can only be delayed but it cannot be stopped any more,” IASB’s chairman Hans Hoogervorst said.
The United States has an “extremely important” decision to make this year on whether to replace its own Generally Accepted Accounting Principles (GAAP)standard with IASB rules, Hoogervorst told a webcast meeting of the IASB’s trustees in New York. By next year two thirds of the world’s top 20 economies (G20) will be allowing or requiring local listed companies to use the IFRS accounting rules. [Reuters, Earlier]
Hans Hoogervorst Doesn’t Want the U.S. to Worry Its Pretty Little Head About Losing Influence Over Accounting Rulemaking
Hoogervorst said U.S. sovereignty would be protected by the SEC having a final say before any IASB rule is introduced. “Such endorsement mechanisms provide an important ‘circuit breaker’ if the IASB produced a standard with fundamental problems for the United States,” Hoogervorst told an accounting conference. The SEC would remain in full control of enforcement. “So there is absolutely no danger of importing different enforcement standards from abroad into the United States,” the former Dutch finance minister added. [Reuters]