National standard setters communique to IASB
15 Nov 2008
Twenty members of the National Standard Setters Group (NSS) have sent a communique to the IASB and the IASCF Trustees expressing support for the IASB's efforts to achieve true global financial reporting standards.
The NSS members mention the Request by the European Commission asking the IASB to amend or interpret IAS 39 to ensure that three specific matters are addressed in time for year-end 2008 financial reports. The NSS members state that:
- It is important that the IASB follows appropriate due process.
- While appropriate due process should allow constituents ample time to consider and comment on any changes, it may be, in these extraordinary times, that due process will need to be shortened. Should this be the case we stand ready to assist the IASB to achieve the most effective due process possible. For instance we could stimulate debate among our national constituents, hold round tables on the technical issues involved and act as focal points for comments.
- We urge those adopting international financial reporting standards to accept the decisions of the IASB if they are made with adequate due process and deliberation, taking into account the impacts on markets and the economy.
Click for Communique to the IASB (PDF 18k).
The twenty signatories to the Communique are:
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