The Future Of The IASB

 
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"... I'm designing T-shirts now. They're gonna be huge. Also medium and small." – Dylan, Modern Family

Some months before the SEC released its report on IFRS that we discussed on the preceding page, the oversight bodies of the IASB, the IFRS Trustees and the Monitoring Board, unveiled a new strategic plan for the IASB – a new vision, if you will, establishing the IASB's direction, operations, governance and funding for the next ten years.

The plan affirms that the IASB's foremost objective is developing IFRS as a single set of high quality, understandable and enforceable global accounting standards. Major new strategic initiatives flowing from this objective include:

Given the widespread and growing use of IFRS, focusing activities on serving the needs of the countries that have adopted or plan to adopt IFRS. Maintaining a network of national and regional bodies involved with standard setting as an integral part of the standard setting process. The idea here is that the network would undertake research, provide guidance...

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