The International Accounting Standards Board (IASB) chairman Hans Hoogervorst has welcomed the work towards establishing the group of Latin American accounting standard-setters, GLASS, at the Latin America and the Caribbean IFRS conference.
Hoogervorst said that in the past 12 month several regional economies have been working towards the establishment of GLASS.
“The formation of these regional groups takes nothing away from the important role of national standard-setting authorities within these regions. However, such regional
groups have the potential to better coordinate views across the region on important
standard-setting activities, and in some cases to speak with a strong regional voice,” Hoogervorst said.
“I would say that Latin America has shown itself to be a strong supporter
of IFRSs. Countries across the region have gone about IFRS adoption in the right
way,” he added.
GLASS inaugural meeting is to take place in March 2012.