IASB establishes principles for cooperation with other standard setters

BY KEN TYSIAC

An updated charter published Wednesday by the International Accounting Standards Board (IASB) establishes principles for the board’s cooperation with national standard-setting bodies, as represented by the International Forum of Accounting Standard Setters.

The updated charter:

  • Re-emphasizes the importance of the global standard-setting community to the IASB’s work and builds on the premise that all parties should work together to meet shared goals.
  • Describes a shared understanding of the commitments and expectations of the IASB, national standard setters and other standard-setting bodies.
  • Focuses on practical ways that staff and members of the IASB and other accounting standard setters can cooperate, describing the actions and procedural matters that deserve the most care.


The IASB’s Accounting Standards Advisory Group will continue to serve as a formal platform for technical dialogue between the IASB and other accounting standard setters.

“Input from the wider standard-setting community is central to our standard-setting and implementation activities and is increasingly helpful to the IASB as we expand our research-based agenda,” IASB Chairman Hans Hoogervorst said in a news release.

The updated charter is available on the IASB’s website.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.