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IFRS Foundation Annual Report 2011

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Jun 12, 2012

The IFRS Foundation, under which the IASB operates, has published its Annual Report for 2011. In addition to the section on "Financials," the report also contains sections on the "Trustees of the IFRS Foundation" and the "Standard-setting activities."

In his "Report of the Chairman of the IASB," Hans Hoogervorst assures constituents: "It is not surprising that our friends around the world want some time for the dust to settle. That is why determining the IASB’s future work programme will involve cherry-picking the most important areas where change is required. Let’s fix what needs fixing, and no more."

Regarding the question how things will be fixed, Mr. Hoogervorst again speaks about the research program that the IASB wants to introduce as a means to formalize relations with national standard setters. He admits that involvement of national standard setters will be weighted by their relative strengths and the networks they represent.

Since the IASB started we have maintained a healthy and positive relationship with national standard-setters. . . . As extensive and positive as those interactions have been, now is the time to add more structure and formality to our relationships with these important members of the IFRS community. . . . For some bodies, the new model will replace joint convergence programmes. Those bodies will want to be assured that they remain involved in a meaningful way. And we cannot afford to lose access to their people or to their networks of investors and preparers. . . . It is also clear that some of these bodies are more able to participate in our standard-setting processes because they are better resourced and more experienced in standard-setting. Any formalisation of our structure will need to reflect their relative strengths.

The full report can be downloaded from the IASB's Web site. In addition, the IFRS Foundation has made available XBRL instance documents of the financial statements.

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