INSIGHT Q1/Q2 2008
Changes and challenges
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Over recent months, quite understandably, the financial media have focused on the credit crisis. Everybody is interested in understanding how the crisis has happened and what can be done to prevent future events like this.
The IASB’s Chairman, Sir David Tweedie, and Board member John Smith discuss the issue in an interview with Robert Bruce. Finding solutions for what can be done to prevent future market crises will certainly be one of the challenges of the forthcoming years for the financial community, and the IASB is ready to participate in the search for solutions. |
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Overall, 2007 was an exciting year for the organisation. More countries decided to adopt IFRSs and the US SEC took the landmark decision to allow foreign registrants to use IFRSs without reconciling to US standards. But the success of IFRSs brings changes and challenges for both the organisation itself and the adopting countries. While the countries joining are convinced of the future benefits of IFRSs, adopting or accepting a new set of accounting standards entails substantial regulatory changes and requires a major educational effort within the country.
From the Foundation’s perspective the success of global standards means that it is essential to ensure that IFRSs remain IFRSs in any country and in any language they are translated into.
In this edition of INSIGHT we take a look at these changes and challenges surrounding IFRSs and at the different ways of dealing with them. We hope this edition will give you an interesting insight!
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