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IASB and IFRS Foundation issue publication on standard-setting in the public interest

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Sep 14, 2015

The IASB and the IFRS Foundation have issued a joint publication, "Working in the public interest: the IFRS Foundation and the IASB."

The Chairmen of both bodies discuss the audience of IFRS, the characteristics of IFRS, and the organization's three-tier structure, governance, and funding. They explain that while investors are the primary audience of IFRS, the public at large is a stakeholder in the standard-setter’s work as accounting standards aim to portray economic reality and not shape it. They also comment on the wrong perceptions that IFRS is tilted towards fair value and that the IASB privileges commercial interests or certain types of investors or investment activities.

The publication is available on the IASB's Web site.

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