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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