The International Accounting Standards Board (IASB) announced on July 24, 2006 number of steps taken as a result of its ongoing review of its work program and market practices.
The IASB concluded that by addressing issues related to the timing of effective dates and consultation, it would encourage consistent and rigorous application of IFRSs and also facilitate the broad input into the IASB’s work program. The IASB will not require the application of new IFRSs under development or major amendments to existing standard before January 1, 2009.
Following Consultation with the Trustees of the IASC Foundation, the Standards advisory Council, and a wide range of interested parties, the IASB has agreed to the following:
- Increased lead time to prepare for new standards
- Increased opportunity for input on conceptual issues
- Public round-tables on key topics
Mr. 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.”
The IASB is committed to developing public interest a set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements.
For more information please visit the following website: www.iasb.org