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IASB statement on relationships with standard setters

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07 Apr 2006

The IASB has published a Statement of Best Practice: Working Relationships between the IASB and other Accounting Standard-Setters (PDF 166k).

The Statement identifies a range of activities that the IASB and regional and national accounting standard-setters believe they should undertake in the interests of facilitating the adoption of or convergence with IFRSs issued by the IASB. Those activities include:
  • Communication, both between standard-setters and their constituents and among standard-setters themselves.
  • Project development, including the ways in which other accounting standard-setters can assist the IASB in progressing particular projects.
  • Input on IASB consultative documents.
  • The processes and approaches other accounting standard-setters might employ in adopting or converging with IFRSs.
  • Co-operation in the development of interpretations of IFRSs.
The IASB had Invited Public Comment (PDF 8k) on an Earlier Draft (PDF 43k) of the Statement (at that time referred to as a Memorandum of Understanding, or MOU), and had discussed it with national standard setters at meetings in September 2004 and again September 2005. Here is the link to (PDF 30k).

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