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

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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.