National standard setters communique to IASB

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15 Nov 2008

Twenty members of the National Standard Setters Group (NSS) have sent a communique to the IASB and the IASCF Trustees expressing support for the IASB's efforts to achieve true global financial reporting standards.

The NSS members mention the Request by the European Commission asking the IASB to amend or interpret IAS 39 to ensure that three specific matters are addressed in time for year-end 2008 financial reports. The NSS members state that:

  • It is important that the IASB follows appropriate due process.
  • While appropriate due process should allow constituents ample time to consider and comment on any changes, it may be, in these extraordinary times, that due process will need to be shortened. Should this be the case we stand ready to assist the IASB to achieve the most effective due process possible. For instance we could stimulate debate among our national constituents, hold round tables on the technical issues involved and act as focal points for comments.
  • We urge those adopting international financial reporting standards to accept the decisions of the IASB if they are made with adequate due process and deliberation, taking into account the impacts on markets and the economy.

Click for Communique to the IASB (PDF 18k).

The twenty signatories to the Communique are:
  • Ian Mackintosh, Chairman, Accounting Standards Board, UK
  • Amarjit Chopra, Chairman, Accounting Standards Board, India
  • Chungwoo Suh, Chairman, Korean Accounting Standards Board
  • Conrad C. Chang, Chairman, Taiwan Financial Accounting Standards Committee
  • Paul F, Winklemann, Chairman, Financial Reporting Standards Committee, Hong Kong
  • Bruce Porter, Acting Chairman, Australian Accounting Standards Board
  • Jean-Francois LePetit, Chairman, French Accounting Standards Board
  • Alex Watson, Chairman, Accounting Practices Committee, South Africa
  • Paul Cherry, Chair, Canadian Accounting Standards Board
  • Anders Ullberg, Chairman, The Swedish Financial Reporting Board
  • Stig Enevoldsen, Chairman, European Financial Reporting Advisory Group
  • Massimo Tezzon, Secretary General, Organismo Italiano Contabilita
  • Hans de Munnick, Chair, Dutch Accounting Standards Board
  • C.P.C. Felipe Perez Cervantes, President, Mexican Accounting Standards Board
  • Joanna Perry, Chairman, Financial Reporting Standards Board, New Zealand
  • Asad Ali Shah, President, Institute of Chartered Accountants of Pakistan
  • Ikuo Nishkawa, Chairman, Accounting Standards Board of Japan
  • Liesel Knorr, President, German Accounting Standards Board
  • Erland Kvaal, Chairman, Norwegian Accounting Standards Board
  • Gerhard Prachner, Chairman, Austrian Accounting Standards Board

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