A message of thanks from David Tweedie, Chairman of the IASB
21 December 2009
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As we approach the end of the year I wanted to place on record my thanks and appreciation to everyone who has contributed in some way towards the work of the IASB during 2009, and in turn furthered progress towards our ultimate goal of developing a single set of high quality global accounting standards. |
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The IASB has devoted a significant portion of our work programme to undertaking a comprehensive response to the global financial crisis. We continue to work closely with other international organisations, to help ensure that the lessons of the crisis are learned and acted upon. Input has been sought from senior leaders through the formation of the Financial Crisis Advisory Group, round tables held in Asia, Europe and the United States, and an unprecedented level of outreach activity conducted to ensure that the views of all interested parties are given due consideration.
Consistent with recommendations by the G20, we have published draft standards for public comment on consolidation, derecognition and fair value measurement, whilst the first part of a three-part project to reform financial instruments accounting is now complete and the second part dealing with loan loss provisions has been published in draft form. I am immensely grateful to the hard work and diligence of the board and staff in meeting such a challenging timeline.
Such an intense work programme also places a significant burden on others outside of the organisation. The time and resource commitment to participate in meetings, interactive webcasts, round-table discussions, working groups, advisory bodies and to submit comment letters is very much appreciated.
Aside from our response to the crisis, we have continued to see significant progress made towards worldwide adoption of IFRSs and global convergence in general. The G20 asked that standard-setters re-double efforts to complete convergence by June 2011, and that is exactly what we are doing by working in close cooperation with colleagues at the ASBJ, the FASB and other national standard-setters around the world. A number of countries announced important steps towards adoption of IFRSs, including Argentina, Ecuador, India, Malaysia, Singapore and Taiwan. In Japan, domestic companies will be able to begin reporting under IFRSs for this financial year.
And finally, 2009 saw the introduction of the IFRS for SMEs. A recent survey indicated that more than half of national standard-setters intend to require or permit the IFRS for SMEs in the next three years.
In summary, 2009 has been a challenging year, but one that has also resulted in improvements to financial reporting and continued progress along the path towards global standards. I wish you all an enjoyable break and thank you for your continued support and cooperation.
Yours
David Tweedie