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Hoogervorst and Prada give IFRS-related speeches

  • IASB speeches (dk green) Image

Oct 20, 2015

The IASB has posted to its Web site recent speeches by IASB Chairman Hans Hoogervorst and IFRS Foundation Trustees Chairman Michel Prada. On October 12, 2015, Mr. Hoogervorst spoke on measurement at the joint HKCIPA and IFRS Foundation conference in Hong Kong. On October 14, Mr. Prada spoke on the application of IFRSs in China at the trustees’ stakeholder event in Beijing.

Mr. Hooger­vorst’s speech builds on his previous comments made in June 2015 at the IFRS Foun­da­tion con­fer­ence in Paris. He explained that the contrast between his­tor­i­cal cost and fair value is not as large as some would expect and noted several prin­ci­ples that an entity can consider when selecting either his­tor­i­cal cost or current value as a mea­sure­ment basis. In addition, he commented that users are having issues with certain parts of other com­pre­hen­sive income (OCI), which has led the IASB to draw some important con­clu­sions related to its conceptual framework exposure draft. He also mentioned that mea­sure­ment and OCI will be two of the main topics he will discuss at upcoming outreach events hosted by the IASB.

Mr. Prada opened his speech with the usual ref­er­ences to the in­creas­ing global use of IFRSs before remarking on the situation in China. He praised the in­tro­duc­tion of standards that are substantially converged with IFRSs and high­lighted China’s support of the IFRS Foun­da­tion and the IASB. In addition, he suggested a possible change to the use of IFRSs in China:

Is now the time to consider further steps towards the goal of full con­ver­gence? . . . My personal view is that China has much to gain in doing so, in terms of international con­fi­dence in China’s capital market as well as Chinese lead­er­ship in establishing standards for global finance. . . . Of course, this is a decision for China alone, but we at the IFRS Foun­da­tion will support you every step of this journey.

A video of the panel dis­cus­sion held during the event will be available soon.

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