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Saturday 01 November 2014

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 Regional and national standard-setting bodies


Regional and national standard-setting bodies are important participants in the IASB's standard-setting process. They are a source of information and a sounding board for the IASB when developing IFRSs and also assist in developing designated projects. Their input helps the IASB to ensure that IFRSs reflect, and are appropriate for, regional and country-specific financial reporting needs. Moreover, they play a key role in supporting the IASB's consultative activities when developing standards and in supporting the spread and understanding of IFRSs on a local level.

IFRSs are used around the world but the processes through which FRSs become mandatory differ from jurisdiction to jurisdiction. For instance, in some cases IFRSs are directly incorporated into law, in many other cases, there is an endorsement process that has to be followed. As an example, while most EU member states have their own national standard-setting body, on a European level it is the European Financial Reporting Group (EFRAG) that is, amongst others, responsible for providing endorsement advice on IFRSs to the European Commission.

The IASB seeks an active engagement with all national and regional bodies regardless of the national or regional adoption processes. Their regional knowledge and support is of crucial importance in the development of standards that can be applied globally and in ensuring consistent application.

On 7 May 2014, the IFRS Foundation published an updated Charter establishing key principles of co-operation between the IASB and national standard-setters and other accounting standard-setting bodies, represented by the International Forum of Accounting Standard Setters (IFASS).

Representation of regional interests

Over the past years, many regions decided to create regional representative bodies to discuss regional accounting standards issues, share 'experiences on the adoption of IFRSs and provide input to the IASB's standard-setting process.

Representatives of the IASB attend the meetings of regional standard-setting bodies.

As of October 2011, the following regional bodies existed (click on the name to access the external website of these groups):

National standard-setting bodies

The IASB also seeks active co-operation with national standard-setting bodies during all stages of the development of IFRSs.

To foster the exchange between national and regional standard-setting bodies and the IASB, the IFRS education initiative organises an annual meeting of world standard-setters in London.