Best practice guide released on IFRS convergence

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

– 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.’

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