Press Releases issued by the Academy, by members and partners in 2008-2009 appear below.
Press Releases generally approved for release on the association websites include:
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August 8, 2014
“Full convergence on accounting standards is no longer achievable: IASB”
On the 24th July, 2014 the International Accounting Standards Board (IASB) announced that it had completed its third, and final, stage of IFRS 9 Financial Instruments which is mandated for IFRS reporters from 1st January, 2018. In its press release IASB Chairman, Hans Hoogervorst, commented:
The reforms introduced by IFRS 9 are much needed improvements to the reporting of financial instruments and are consistent with requests from the G20, the Financial Stability Board and others for a forward-looking approach to loan-loss provisioning.
The new Standard will enhance investor confidence in banks’ balance sheets and the financial system as a whole.
However, IFRS 9 was introduced without the participation of the US Financial Accounting Standards Board (FASB) which had chosen to continue with its existing practice and ignore the convergence principals. Speaking at the Singapore Accountancy Convention (SAC) on Thursday the 31st July, 2014 Mr Hoogervorst acknowledged that “full convergence with the United States - leading to the creation of one single set of global accounting standards - is no longer an achievable project”. He further went on to state:
“It's a pity. Convergence would have allowed the US to make the ultimate jump to IFRS. But nobody can force it to do so; if it wants to stick with US GAAP (Generally Accepted Accounting Principles - the US financial reporting standard), that's its choice. But IFRS moves on - we have a large part of the world to take care of."
Currently there are more than 100 jurisdictions that have adopted the full IFRS and these will continue to be served by the pronouncements of the IASB. However, the full international acceptance of the IFRS appears, at this stage, to be off the agenda entirely.
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