Role of NSS after Adopting or Converging with IFRS

Date recorded:

The discussion noted that the NSS have a number of roles. Broadly these would be:

  • To facilitate involvement in the IASB processes by encouraging their local jurisdiction to comment to the IASB.
  • Informing their local jurisdiction of IASB developments.
  • Commenting on IASB documents.
  • Leading and participating in IASB projects including research projects.
  • Encouraging non-liaison standard setters to participate in these projects.
  • NSS should avoid substantive changes to IFRS in their local jurisdiction.
  • If a NSS considers that an issue requires interpretation it should request the IFRIC or IASB to deal with the issue.
  • If a NSS believes an issue is a local issue only, it should confirm that with others.
  • NSS should assist educational activities in their local jurisdictions and contribute to IASB educational material.

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