The IFRS Foundation has established an
Emerging Economies Group (EEG) of the International Accounting
Standards Board (IASB) aimed at further enhancing the influence of
emerging economies in the development process of IFRS.
EEG members are all the emerging economies of
the G20 and Malaysia.
IASB Director of International Activities
Wayne Upton EEG chairman while Chinese Ministry of Finance director
general of accounting Yang Min will be the vice chair.
The IFRS Foundation said the EEG operation
will enlighten specific issues from emerging economies in the
development of IFRSs through a regular communication mechanism with
“Such efforts will strengthen the global
acceptance of IFRSs, which will ultimately facilitate the IASB’s
mission to set up a single set of high quality accounting standards
in the world,” the IFRS Foundation said in a statement.