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Chairman Michel Prada discusses successful criteria of global standards

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09 Sep 2015

The Chairman of the IFRS Foundation Trustees, Michel Prada, gave a speech at the Eurofi Financial Forum event. In his speech, Mr Prada discussed three successful criteria for global standards, which include (1) a clear and supported purpose, (2) a wide and consistent use around the world, and (3) bringing tangible benefits.

In the speech, Mr Prada outlined these three criteria as it applies to IFRS. First, he used the IFRS Foundation’s mission statement to present a clear and supported purpose. The mission statement states:

Our mission is to develop IFRS that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.

Next, he noted that 116 jurisdictions require the use of IFRS and many other permit the use of IFRS on a voluntary basis. In addition, most of the countries that have adopted IFRS have done so without any modifications. This signifies wide and consistent use around the world.

Lastly, Mr Prada noted the positive results from reviews on the use of IFRS within Europe and other jurisdictions such as Australia, Canada and Korea. The reviews show that the application of IFRS “raised the quality and consistency of financial reporting, and brought benefits to companies and investors."

A transcript of Mr Prada's speech is available on the IASB’s website.

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