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June 26, 2012

Still room for improving IFRSs, says Prada

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.

 

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