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16.09.2011: Accountants split on next IASB project

Worldwide accountancy regulators are split on which accountancy projects the International Accounting Standards Board should tackle next.

In a debate at the International Financial Reporting Standards Foundation's World Standard Setters meeting in London on Thursday, global regulators failed to agree on a number of critical issues of where to direct the IASB's focus.

In July, the IASB launched a consultation leaving nations to decide where its long-term priorities should lie. At the conference on Thursday, countries that have used the IFRS standards for years - such as Singapore, New Zealand and Trinidad - along with countries currently implementing the standards, such as Canada, expressed strong support for the IASB to balance a period of calm along with any necessary changes to the standards.

However, regulators were unable to agree on which of the 23 possible improvements the IASB had put forward for improvement should be tackled first.

Brazil's Ernesto Rubens Gelbcke, a member of Brazil's standard setting Committee on Accounting Pronouncements, argued that accounting for inflation should be improved.

Meanwhile, Swedish regulators called for swift changes to be made in updating the information that must be posted under Other Comprehensible Income on a financial statement.

A separate panel discussion headed up by Nelson Carvalho, also of Brazil's CPC, agreed that OCI would need changes. He also called for changes to agriculture reporting standards.

Respondents on Carvalho's panel also displayed an interest in engaging in a complex project allowing IFRS to comply with Islamic finance.

However, members on another panel could only agree that any change would have to apply to unspecified universal problems.

Chinese regulators called for changes to be restricted to issues judged as important in a "common interest" to the IFRS constituents, with Trinidad saying that only standards with "universal applications" should be considered.

The technical director of Australia's Accounting Standards Board, Robert Keys, argued that the next large project could cut across a series of common issues, highlighting that measures including improvements to extractive activities, emission trading schemes and rate-regulated activities has a common theme that encompasses a number of issues.


Source: GFS News

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