Countries to get more time on global standards
IASB agrees measures with US counterpart
In an effort to encourage ‘consistent and rigorous application of
international financial reporting standards’, the IASB wll give countries a
minimum of one year to implement wholly new standards or major amendments to
existing standards.
The IASB said it recognised that many countries required time for
translations and implementation of new standards into practice and, where IFRSs
are legally binding, into law.
This decision was taken by the IASB following consultation with the Trustees
of the IASC Foundation, the Standards Advisory Council, and ‘a wide range of
interested parties’.
Other measures introduced include increased opportunity for input on
conceptual issues and public round-tables discussions on key topics.
Sir David Tweedie, chairman of the IASB, said the steps announced ‘are
designed to assist those involved with implementation of IFRSs throughout the
world, while enabling us to make progress on our contribution toward the
elimination of the need for reconciliation requirements by 2009’.