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IASB Chairman's thoughts on principle-based standards

  • Sir David Tweedie (50x35) Image

21 Mar 2007

IASB Chairman Sir David Tweedie recently delivered the Ken Spencer Memorial Lecture at the University of Melbourne, Australia.

The title: 'Keep it simple, stupid!' Can global standards be principle-based? Here are a few of Sir David's observations:

The attributes of a good principle-based standard:

  • Is written in plain English
  • Is easily explained
  • Makes intuitive sense
  • Fairly presents the facts.

The changes that are necessary for principle-based standards to succeed:

  • Training changes
  • Greater user sophistication
  • No second-guessing by regulators
  • Don't ask for rules/interpretations
  • Support for careful judgement

Here are links to:

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