IASB issues Preface to International Financial Reporting Standards

23 May 2002

-
The International Accounting Standards Board (IASB) today issued its Preface to International Financial Reporting Standards. The Preface sets out the objectives and procedures for due process, reflecting the IASB’s new structure, and explains the scope, authority and timing of application of International Financial Reporting Standards (IFRSs). IFRSs are designed to apply to the general purpose financial statements and other financial reporting of all profit-oriented entities.

In the light of comments received in response to a published draft of its initial proposal, the IASB has decided to maintain paragraphs in both bold and plain type in its standards. The IASB will use bold type to indicate the main principles. The Preface emphasises, however, that paragraphs in both typefaces have equal authority.

Introducing the Preface, Sir David Tweedie, IASB Chairman, said, “The Preface provides a brief description of the purpose and function of the main structures of the new arrangements for setting global standards. As such, it is a short but essential introduction to the context within which the Board will frame its standards.”

Document available on IASB website

© IASB - International Accounting Standards Board