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IFRS Roadmap Milestones: Part 2

May 16, 2009

We are in week two of reviewing progress on the IFRS Roadman milestones. As a reminder, here is a list of the Milestones. The SEC will judge progress on these milestones as a pre-requisite for moving forward with a mandate for IFRS adoption.

IFRS Roadmap Milestones

  • Improving Specific Accounting Standards
  • Improving the Structure and Funding of the IASB
  • Facilitating the use of interactive data (XBRL) under IFRS
  • Updating the Education and licensing of U.S. Accountants
  • Evaluating the early adoption experiences of a limited group of companies
  • Timing of future rulemaking
  • Sequencing of companies required to use IFRS

Our topic this week is progress on improving the structure and funding of the IASB. The International Accounting Standards Board (IASB) is trying to improve its structure and funding. To date they have made progress, but still need to continue to work on establishing a structure and funding approach that global securities regulators will support. The most significant area left to be addressed is funding. Here is a summary of the progress made by the IASB.

  • The IASC Foundation governs the IASB and consists of 22 Trustees (six each from North America, Asia/Oceana and EU coupled with four Trustees from any region)
  • Phase 1 of IASC constitutional modifications were recently announced. The constitutional changes were made in an attempt to address recommendations made by the G-20 in their November 2008 financial crisis summit meeting
  • An IFRS Oversight Board was established. Members consist primarily of Securities Regulators (representatives from the SEC, the European Commission, the Japan Financial Services Agency, and the Emerging Markets & Technical Committees of the International Organization of Securities Commissions)

 IASB Oversight Board

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