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IASB: Reliable Financial Reporting for Economic Decision Making

Learn about the importance of reliable financial reporting and the role of the International Accounting Standards Board (IASB) in providing high-quality global standards. Explore the economic significance of IASB standards and their coverage in European languages. Discover how the IASB is embracing new technology, such as XBRL, to make IFRS accounts more readable and comparable in electronic format.

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IASB: Reliable Financial Reporting for Economic Decision Making

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  1. Prof. Dr. Hans-Georg BrunsIASB Reliable Financial Reporting: A Prerequisite in Providing Information Useful in Making Economic Decisions Ministerial Conference for South East Europe Vienna, Austria 16 March 2006

  2. The Vision …one single set of high quality global standards.. ..used domestically and on global capital markets.

  3. International Accounting Standards Board (IASB) The IASB is committed to develop, in the public interest, a single set of high quality, global accounting standards… …to help users to make economic decisions.

  4. International Accounting Standards (IASs) Now known as International Financial Reporting Standards (IFRS). They are intended to give: • Understandability • Enforceability • Transparency and comparability of information …to help users to make economic decisions.

  5. Economic Significance • Attracting Foreign Direct Investments through transparency • Fostering private sector development through increased comparability • Minimising cost of capital • Reducing operational expenses • Integrating Europe’s economies with the EU

  6. Coverage of Standards in European Languages • IAS / IFRS are now translated into more than 30 European languages, including: • 20 official EU languages • 4 Candidate Country languages • 7 non-EU European languages • IASB has a dedicated translation team • Close co-operation between IASB and European Commission

  7. The IASB and new technology development • XBRL = eXtensible Business Reporting Language • A global Internet-based electronic language that is being supported by the IASB • XBRL makes IFRS accounts readable and comparable in electronic format! • XBRL helps companies file their accounts electronically with the authorities

  8. Sir David Tweedie, Chairman, IASB Tommaso Padoa-Schioppa, Chairman, IASC Foundation Trustees IASB and IASC Foundation based in London 60+ people altogether working for the world’s accounting standards Who we are and What we do

  9. IASB – Seeking opinions • Research agenda and work programs are public and open for discussion • Advisory groups and round tables • Discussion papers • Exposure drafts • Public board meetings

  10. IASB Communications - Board Members speak at Conferences and Seminars - Annual “Convergence Conference” in April: 400 participants expected! • IASB website : www.iasb.org • Yearly series of “IASB Roadshows” - IASB publications sold worldwide - IASB Press Releases

  11. Europe’s accounting standards • In 2002 all 25 Member States of the European Union (EU) adopted International Accounting Standards as mandatory for all listed companies. • Before: Each country had its own national standards • Now: The same set of standards Europe-wide!

  12. Europe part of a global movement IFRSs Around the World • 100 countries have approved IFRS • Russia, Australia, EU are in • Coming soon • - Canada, Chile, China, … • - India, Latin America, … • Converging with USA and Japan RED = IFRS Approved ORANGE = Stated move to adoption YELLOW = Adapting to IFRSs

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