Best practice guide released on IFRS convergence
IASB guide to help with adoption of standards
The International Accounting Standards Board has published a new guide
identifying activities that regional and national accounting standard-setters
should undertake in the interests of facilitating the adoption of or convergence
with International Financial Reporting Standards.
The guide, Statement of Best Practice: Working Relationships between the
IASB and other Accounting Standard-Setters, encourages the following
activities:
– communication, both between standard-setters and their constituents and
among standard-setters themselves
– project development, including the ways in which other accounting
standard-setters can assist the IASB in progressing particular projects
– input on IASB consultative documents
– the processes and approaches other accounting standard-setters might employ
in adopting or converging with IFRSs
– co-operation in the development of interpretations of IFRSs.
IASB chairman, Sir David Tweedie, said: ‘This statement is a further
demonstration of the strengthening ties between accounting standard-setting
bodies around the world and of the growing commitment amongst them to the
establishment of a single set of high quality global accounting standards.’