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July 28, 2011

Hoogervorst outlines main IASB objectives

International Accounting Standards Board (IASB) chairman Hans Hoogervorst has outlined the IASB’s four main work priorities.

Speaking at a conference in Beijing, Hoogervorst said the IASB’s first priority is to complete the remaining convergence projects with the US standard-setter to the highest possible standard, and must be done in a way which benefits from the input received by the global financial reporting community.

Second, Hoogervorst said the IASB will complete its post-convergence agenda as per its public consultation document to set out ideas issued this week.

Third, the IASB aims to complete the G20-endorsed transition towards global financial reporting standards and Hoogervorst reiterated how important it is to have US cooperation.

Lastly he said the IASB will continue to strengthen its institutional relationships in a way that respects and enhances the independence of the standard-setting process.

Hoogervorst also promised that Chinese interests would be carefully considered in IASB debates, and that China would be given the credit it deserves for its commitment to IFRSs.

“In return, we need China to speak up on international accounting matters, in the same way it does on other areas of global economic cooperation and financial regulatory reform,” Hoogervorst said.

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IASB launches work programme consultation

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