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Hans Hoogervorst talks collaboration at the WSS conference

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Sep 23, 2013

IASB Chairman, Hans Hoogervorst gave a speech today at the World Standard-Setters (WSS) Conference on strengthening institutional relationships. He discussed the role that collaboration plays in the current and future success of IFRS.

Mr. Hoogervorst opened his speech reflecting on the early years of the national standard setter meetings; the goal of that era being to simply to reduce the differences in their respective sets of accounting standards. Now, more than 20 years later, the goal has evolved to achieving a single set of high quality, global accounting standards. He emphasized that "a single set of standards does not mean a single accounting standard-setter. IFRS has long been a joint effort by the worldwide standard-setting community."

After a brief discussion of the recently-released jurisdictional profiles, Mr. Hoogervorst described cooperative efforts between the International Organization of Securities Commissions (IOSCO) and IFRS Foundation, noting the importance of consistency in the implementation of IFRS globally. He also mentioned the creation of the Accounting Standards Advisory Forum (ASAF) and highlighted its benefits: (1) the ability to give multilateral feedback, (2) allowing members to engage with each other, and (3) participants having a better understanding of competing views. The increased quality of feedback has a positive impact on IASB deliberations as well.

Mr. Hoogervorst then spoke about the "paradox of standard-setting," which is making improvements to transparency and protecting investors while considering legitimate technical or practical concerns of constituents, and standing up to lobbyists with vested interests.

Please click for access to the full text of the speech on the IASB website.

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