The pieces are coming together
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As 2007 draws to a close we can look back on a year of steady progress towards our goal of providing the world’s rapidly integrating capital markets with a common language for financial reporting.
In addition to the landmark decision made by the SEC to allow non-US registrants reporting under IFRSs to file without reconciliation, we have also seen the ‘Tokyo Agreement’ setting out a timetable for the convergence of Japanese GAAP and IFRSs. |
Related documents
- Read the full Q4 2007 edition of INSIGHT.
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Add recent announcements from other countries including Brazil, India and Korea and it is clear that the momentum towards global standards continues to gather pace. That is why this edition of Insight focuses on the issues related to worldwide adoption of IFRSs with views from the profession, those who have already adopted IFRSs and those who are planning to do so.
Progress also brings challenges. As a standard‑setter for over 100 countries around the world it is vital that we maintain confidence in the governance and accountability of both the Board and the Foundation.
The constitutional review due to start in 2008 will provide a timely forum in which to debate these important issues.
The coming year also promises to be stimulating for all those with an interest in financial reporting—with several discussion papers due to be published during the year respondents will have an opportunity to help shape the future direction of financial reporting on a range of far-reaching topics, including revenue recognition, leases, financial instruments and financial statement presentation.
Broad participation by standard-setters, investors, preparers and the profession at this early stage of the consultation process is essential to ensure that the best ideas are given due consideration by the Board.
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