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Programme: M.COM
Session: 2010-2012
Date: 20/10/2011
ISAB Objectives:
Under the IFRS Foundation Constitution, the objectives of the IASB are:
(a) To develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world's capital markets and other users make economic decisions; (b) To promote the use and rigorous application of those standards;
(c) In fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the special needs of small and medium-sized entities and emerging economies; and (d) To bring about convergence of national accounting standards and International Accounting Standards and International Financial Reporting Standards to high quality solutions.
IASB Members:
The IASB has 15 Board members, each with one vote. They are selected as a group of experts with a mix of experience of standard-setting, preparing and using accounts, and academic work. At their January 2009 meeting the Trustees of the Foundation concluded the first part of the second Constitution Review, announcing the creation of a Monitoring Board and the expansion of the IASB to 16 members and giving more consideration to the geographical composition of the IASB. The IFRS Interpretations Committee has 14 members. Its brief is to provide timely guidance on issues that arise in practice. A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final "IFRIC" Interpretation. The Board's 2008 Due Process manual stated that approval by nine of the members is required. The members (as of July 2011) are:
Hans Hoogervorst (Chairman), Netherlands, former Minister of Finance, Minister of Finance. Ian Mackintosh (Vice-chairman), New Zealand, former Coopers & Lybrand, Chief Accountant Australian Securities and Investments Commission. Stephen Cooper, UK, UBS Investment Research. Phillipe Danjou, France, former Arthur Andersen, AMF (Financial Markets Authority of France). Jan Engstrm, Sweden, former Volvo Group. Patrick Finnegan, USA, formerly of the CFA Institute. Amaro Luiz de Oliveira Gomes. Prabhakar Kalavacherla (PK) (was an audit partner at KPMG LLP in the San Francisco office). Dr Elke Knig (Germany). Patricia McConnell, USA, formerly of Bear Stearns. Takatsugu Ochi (Japan). Paul Pacter (US). Darrel Scott (South Africa). John T. Smith, USA, former Deloitte, FASB. Zhang Wei-Guo, China, former Professor in Shanghai, China Acc. Standards Committee.
the relevance to users of the information and the reliability of information that could be provided whether existing guidance available the possibility of increasing convergence The quality of the standard to be developed. Resource constraints.
To help the IASB in considering its future agenda, its staff is asked to identify, review and raise issues that might warrant the IASBs attention. The IASB receives requests from constituents to interpret, review or amend existing publications. The staff considers all such requests, summaries major or common issues raised, and present them to the IASB from time to time as candidates for when the IASB is next considering its agenda.
IASB Meetings:
The IASBs discussions of potential projects and its decisions to adopt new projects take place in public IASB meetings. Before reaching such decisions the IASB consults the IFRS Advisory
Council and accounting standard-setting bodies on proposed agenda items and setting priorities. In making decisions regarding its agenda priorities, the IASB also considers factors related to its convergence initiatives with accounting standard-setters. The IASBs approval to add agenda items, as well as its decisions on their priority, is by a simple majority vote at an IASB meeting.
2. Project Planning:
When adding an item to its active agenda, the IASB also decides whether to:
Similar due process is followed under both approaches. After considering the nature of the issues and the level of interest among constituents, the IASB may establish a working group at this stage. A team is selected for the project by the two most senior members of the technical staff:
The project manager draws up a project plan under the supervision of those Directors.
actively sought the views of constituents. Considers whether the various viewpoints were aired in the exposure draft and adequately discussed and reviewed in the basis for conclusions.
Pre-ballot Draft:
A pre-ballot draft is usually subject to external review, normally by the IFRIC. Shortly before the IASB ballots the standard, a near-final draft is posted on eIFRS. Finally, after the due process is completed, all outstanding issues are resolved, and the IASB members have balloted in favour of publication, the IFRS is issued.
A comprehensive overview of the issue; Possible approaches in addressing the issue; The preliminary views of its authors or the IASB; and An invitation to comment.
This approach may differ if another accounting standard-setter develops the research paper. Discussion papers may result either from:
A research project being conducted by another accounting standard-setter; or As the first stage of an active agenda project carried out by the IASB.
Publication of an exposure draft is a mandatory step in due process. Irrespective of whether the IASB has published a discussion paper, an exposure draft is the IASBs main vehicle for consulting the public. The form of a proposed standard (or amendment to an existing standard) .
Issues on the basis of staff research and recommendations; Comments received on any discussion paper; and
Suggestions made by the IFRS Advisory Council, working groups and accounting standard-setters, and arising from public education sessions.
After resolving issues at its meetings, the IASB instructs the staff to draft the exposure draft. When the draft has been completed, and the IASB has balloted on it, the IASB publishes it for public comment.
IFRS
International Financial Reporting Standards (IFRS) are principles-based standards, interpretations and the framework (1989). Adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS was issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards.
Structure of IFRS
IFRS are considered a "principles based" set of standards in that they establish broad rules as well as dictating specific treatments. International Financial Reporting Standards comprise: International Financial Reporting Standards (IFRS)standards issued after 2001 International Accounting Standards (IAS)standards issued before 2001 Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC)issued after 2001 Standing Interpretations Committee (SIC)issued before 2001 Conceptual Framework for the Preparation and Presentation of Financial Statements (2010)