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Ann Tarca addressed the following questions: What are the strengths and weaknesses of these relationships? How have they developed and changed since the IASB formed in 2001? What threats and opportunities lie ahead for the IASB and the communities it serves?
The IASB was formed in 2001. Ms Tarca sees its existence in four phases:
(1) development of a set of global standards for use in the world’s capital markets (2001–2005);
(2) the convergence program with the US Financial Accounting Standards Board (FASB) and impact of the global financial crisis (2006–2009);
(3) working on the major standards (2010–2013); and
(4) implementation of the major standards and the Better Communication initiative (2014 onwards).
Ms Tarca highlighted also briefly events in each of these periods and examine the focus of the IASB’s work and its relationships with various stakeholders.
The IASB has expanded its work with stakeholders over the years and will continue to engage with them as it pursues its mission of developing high quality standards that promote transparency, accountability and efficiency in the world’s capital markets. The need for a harmonised accounting language through international accounting standards was identified many years ago when the IASC formed. The demand for global standards, because of their potential benefits in countries around the world, is as strong as ever.