Responses to IASB Documents for Comment
IFRS Foundation Request for Views – Trustees’ Review of Structure and Effectiveness: Issues for the Review – July 2015
On November 30, 2015, the AcSB submitted a comment letter responding to the IFRS Foundation Trustees’ Request for Views issued in July 2015. Overall, the letter supports the Foundation’s activities to review the structure and effectiveness of the organization and expresses strong support for its mission statement of developing standards “that bring transparency, accountability and efficiency to financial markets around the world.” The letter urges the Foundation to consider an intermediate goal of global co-operation with other oversight bodies to guide all jurisdictions towards developing globally comparable accounting standards that result in consistent financial reporting outcomes, regardless of the framework used (whether it be IFRSs, U.S. GAAP or some other national accounting framework). Read the AcSB letter posted by the IASB.
Report of the Trustees’ Strategy Review 2011 – IFRSs as the Global Standard: Setting a Strategy for the Second Decade – February 2012
On June 27, 2011, the Accounting Standards Oversight Council and the AcSB submitted a comment letter responding to the Foundation’s “Report on the Trustees’ Strategy Review: IFRSs as the Global Standard: Setting a Strategy for the Second Decade.” The letter strongly agrees with and commends the Trustees for articulating the principles and recommendations of the Foundation’s strategy for the next decade in a clear and effective manner that considers the perspectives of stakeholders. To build upon the main recommendations in the Report, the letter suggests additional actions that should be taken to enhance the consistent application of IFRSs and to strengthen the IASB’s due process and procedures. The letter posted by the IASB is available here.
Paper for Public Consultation – Status of Trustees’ Strategy Review – November 2010
On February 17, 2011, the Accounting Standards Oversight Council and the AcSB submitted a comment letter responding to the Foundation’s Paper for Public Consultation. The letter provides views about the Foundation’s mission, governance, processes and financing and recommendations for improvement in each area. The letter does not support defining “the public interest” in the Foundation’s Constitution and instead proposes that the Constitution should be clarified to reflect that “the Foundation serves the public interest by developing” standards. The letter also recommends that the Foundation’s objectives should be made more congruent with The Conceptual Framework for Financial Reporting Standards. Although the letter supports the current governance structure, it provides recommendations on how the Monitoring Board and Trustees should balance accountability and independence to better apply this structure. In addition, the letter expresses concern that the application of the standard-setting processes has not always been sufficient to ensure high quality standards that are consistently applied. The letter posted by the IASB is available here.