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International Forum of standard setters concludes that consistent does not mean identical

The International Forum of Accounting Standard Setters (IFASS) has decided to set up a structure allowing national standard setters to identify issues relating to the consistent application of IFRS.

The IFASS latest meeting was held in Taiwan and participants concluded that "consistent" does not mean "identical" even though local interpretations are not desirable. This led to the decision to set up structures for collecting issues identified by the standard-setters, perhaps through a database, and if possible, joined with or related to the IASB's inquiry database.

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