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International accounting standard setting and its independent entity the ifrs foundation

Its principal objectives are: These standards should require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world's capital markets and other users of financial information make economic decisions; to promote the use and rigorous application of those standards; in fulfilling the objectives associated with 1 and 2to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings; and to promote and facilitate adoption of IFRS Standards, being the standards and interpretations issued by the Board, through the convergence of national accounting standards and IFRS Standards.

The Trustees are publicly accountable to a Monitoring Board of public authorities.

Broad geographical diversity is also required. Members are appointed by the Trustees through an open and rigorous process that includes advertising vacancies and consulting relevant organisations.

  • However, it is the Board that issues Interpretations and narrow scope amendments and the Board that considers and votes on each Interpretation and narrow scope amendment before it is issued;
  • In developing Interpretations and narrow scope amendments, the Interpretations Committee follows a transparent, thorough and open due process;
  • In developing Interpretations and narrow scope amendments, the Interpretations Committee follows a transparent, thorough and open due process.

The IASB has 14 full-time members. IFRS Standards are a set of high quality, understandable, enforceable and globally accepted Standards based up on clearly articulated accounting principles.

The Board has no authority to impose those Standards. IFRS Standards generally contain principles and accompanying application guidance, both of which are mandatory and carry equal weight.

International Financial Reporting Standards (IFRS Standards)

Some Standards also include illustrative examples or implementation guidance, neither of which is part of IFRS Standards. They are therefore not mandatory. Through the Board's due process, it consults and engages with investors, regulators, business leaders and the global accountancy profession at every stage of the process, whilst maintaining collaborative efforts with the worldwide standard-setting community.

The Interpretations Committee has 14 voting members appointed by the Trustees, and its members are drawn from a variety of countries and professional backgrounds. The Interpretations Committee's mandate is to review on a timely basis widespread accounting issues that have arisen within the context of current IFRS Standards and to provide authoritative guidance IFRIC Interpretations on those issues. In developing Interpretations and narrow scope amendments, the Interpretations Committee follows a transparent, thorough and open due process.

  • IFRS Standards are a set of high quality, understandable, enforceable and globally accepted Standards based up on clearly articulated accounting principles;
  • Broad geographical diversity is also required;
  • The Trustees are publicly accountable to a Monitoring Board of public authorities.

However, it is the Board that issues Interpretations and narrow scope amendments and the Board that considers and votes on each Interpretation and narrow scope amendment before it is issued.

An entity has public accountability if it is publicly traded, or if it is a financial institution or similar entity. Assessment Methodology View the Assessment Methodology As part of the Reports on the Observance of Standards and Codes ROSC initiative, the World Bank has established a program to assist its member countries in implementing international accounting and auditing standards for strengthening the financial reporting regime.

  1. The Board has no authority to impose those Standards. In developing Interpretations and narrow scope amendments, the Interpretations Committee follows a transparent, thorough and open due process.
  2. They are therefore not mandatory.
  3. The IASB has 14 full-time members.

The objectives of this program are two-fold: Analyze comparability of national accounting and auditing standards with international standards, determine the degree with which applicable accounting and auditing standards are complied, and assess strengths and weaknesses of the institutional framework in supporting high-quality financial reporting.

Assist the country in developing and implementing a country action plan for improving institutional capacity with a view to strengthening the country's corporate financial reporting regime.