Mackintosh predicts period of calm for financial reporting

Mackintosh predicts period of calm for financial reporting

Ian Mackintosh, IASB vice-chairman, said that "after a decade of almost continuous change in financial reporting, we could have some relative calm"

A DECADE of ‘almost continuous change’ in financial reporting may be reaching its end game, according to a senior IASB lieutenant.

Ian Mackintosh, IASB vice-chairman, said that “after a decade of almost continuous change in financial reporting, we could have some relative calm”.

Delivering a speech at the EY-sponsored financial reporting outlook conference, held in London on November 10, he said: “For companies here in Europe, the upheaval of making the transition to IFRS is well behind you, and the major convergence projects of the last decade are now largely complete.

“Today, IFRS means that the outlook for financial reporting is the same for most countries in the world. Accounting is on the cusp of becoming the world’s first global profession, largely thanks to IFRS. This is remarkable progress in little more than a decade. We should all be proud.”

Mackintosh shared his views on the inevitability of global accounting standards and how the demand-side of economic globalisation and international business has been satisfied by the supply-side of IFRS as the “globally consistent language of financial reporting”.

He also praised the success of the IFRS model and how moving from convergence in national standards to adoption of the same global standard has revolutionised the financial reporting landscape across the world.

Mackintosh predicted that the successful ‘maturing of IFRS’ over the last decade, might now be followed by a period of relative calm.

“Perhaps we are moving from the build-out phase of global standards, to a period where the focus is on the maintenance of those standards and working with others to encourage their consistent implementation.

“To a large extent the fulfilment of this vision is in your hands. Next year we will have an agenda consultation and you, our constituents, will tell us how you would like to see the next few years play out.”

 

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource