16 May 2013

IFAC, IAASB & IASB: Constructive cooperation for international standards

Representatives from former Soviet republics in Europe and Central Asia gathered in London at a two-day conference titled 'Adoption and Implementation of International Standards in the Former Soviet Republics in Europe and Central Asia', convened jointly by the IFAC, IAASB, and IASB.

The event served as an excellent example of constructive cooperation in the development, adoption, and implementation of high-quality international standards, and in relation to the regulation of the profession.

The event, hosted by ACCA, brought together organisations with responsibilities relating to the adoption or implementation of ISAs, issued by the IAASB, and IFRS, issued by the IASB. IFAC members, who play a critical role in the implementation of international standards and the development of professional accountants, also provided updates on key projects relating to the IFAC Statements of Membership Obligations.

“Standard setters, regulators, users, and the profession have a shared objective of high-quality financial reporting and auditing in the public interest, and therefore each group has a role to play in achieving this objective,” said Dan Montgomery, deputy chair of the IAASB. “The interest and cooperation of the organisations represented demonstrate how important it is for the IAASB, IASB, and IFAC to act on opportunities to support global adoption and effective implementation of international standards.”

“High-quality financial reporting continues to be critical for investment and decision-making”, said Ian Mackintosh, vice chair of the IASB. “This event highlights the continued commitment of those responsible for adopting IFRS, including IFRS for Small- and Medium-Sized Entities (SMEs), and provides a forum for international standard-setters and national stakeholders to discuss matters of relevance to their jurisdiction and regulatory frameworks.”

The event included meetings with national professional accountancy organisations and the three organising bodies regarding experiences with the application of IFRS, ISA adoption and implementation, and quality assurance requirements, as well as the status of initiatives to translate IFRS and ISAs on an ongoing basis. Discussions also provided feedback on methods of implementing IFRSs, the IFRS for SMEs, and the changing role of professional accountancy organisations.

Press release

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