International standard setters review strategy

THE INTERNATIONAL Financial Reporting Standards Foundation has issued a strategic review of its work in the decade since its formation.

Describing the next 18 months as “critical”, the body – which has yet to resolve a number of key global standard-related challenges – is asking for comment on its strategy and vision.

Focus points include greater transparency in the resolution of technical issues and reconciliation of differing viewpoints. The International Accounting Standards Board also reiterated its commitment to a principles-based approach and highlighted the importance of consistent application.

Commentators have until 25 July to respond and a number of public round tables are planned in the intervening weeks to “enhance stakeholder involvement”; these will take place in Hong Kong, London, New York and Tokyo.

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Fiona Westwood of Smith and Williamson.