IASB establishes principles for cooperation with other standard setters

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.