Financial reporting for the world's interconnected financial markets
International financial markets have become increasingly interconnected. Financial events in any part of the world now influence every part of the world. Investors routinely seek investment opportunities on a global basis, while companies seek to raise capital from developed and emerging economies.
In such a globalised financial world, the argument for a single way to describe financial performance is compelling. So much so, that successive G20 Communiques have called for a rapid move towards a single set of high quality global accounting standards.
International Financial Reporting Standards (IFRSs) are uniquely positioned to become those standards. IFRSs are now used by companies in more than 100 countries. Most G20 members now require the use of IFRSs, and the remaining major economies have established plans to migrate towards the use of IFRSs.
The International Accounting Standards Board (IASB), responsible for the development and promulgation of IFRSs, is committed the establishment of a single set of high quality accounting standards. We are a truly international organisation, with our 15 board members and 60 technical staff coming from almost 30 countries. We follow an extensive standard-setting process that seeks input from around the world. Our outreach and stakeholder engagement activities have been independently assessed as best practice internationally.
I encourage you to spend some time looking through this website and to engage directly in our standard-setting activities. A quick reference guide to the organisation, available in nine different languages is also available from here.
Your input will help shape the future direction of global financial reporting.