Wednesday, December 30, 2009

IASB - Global convergence of IFRS

The goal of the IASC Foundation and the International Accounting Standards Board (IASB) is to develop, in the public interest, a single set of high quality global accounting standards. In pursuit of this goal, the IASB works in close cooperation with stakeholders around the world, including investors, national standard-setters, regulators, auditors, academics and others who have an interest in the development of high quality global standards. Progress toward this goal has been steady. Since 2001 more than 100 countries require or permit the use of International Financial Reporting Standards (IFRS), while the remaining major economies have established timelines for convergence with, or adoption of, IFRS. (Visit the IASB website for the current status of global convergence along with IFRS adoption and use around the world.)