IFRS Foundation Trustees chairman Michel Prada
said as demand for global accounting increases, IFRSs
implementation can be improved to increase its success.

During a speech at the IFRS Foundation Conference in Frankfurt,
Prada identified three key-areas which can be improved:

  • Co-operation with national and regional
    bodies to increase the effectiveness of the work of the
    International Accounting Standards Board (IASB). This will also
    offer a better integration of the global perspective into the
    standard setting process and might reduce the risk of
    non-endorsement of a new standard;
  • Focus on the implementation of the standards,
    in co-operation with International Organization of Securities
    Commissions  and other international organisations; and,
  • The IASB’s due process to enhance confidence
    in the standard setting process and improve the robustness of the
    standards.

In spite of the need for improvements, Prada
stressed the positive spread of IFRSs across the world, including
encouraging experiences in China and Japan.