Recognition and Support for the IASB

International Monetary Reporting Standards are now widely accepted around the globe. They are (1) applied by lots of countries as the basis for national accounting specifications or are adopted entirely; (2) accepted by numerous stock exchanges and regulators that permit foreign or domestic organizations to file monetary statements ready in conformance with IFRS; and (3) recognized by the EC and other supranational bodies. In 1995, the EC endorsed IFRS. As opposed to amend existing directives, the EC determined that the EU should really associate with IASC/IASB and IOSCO efforts toward a broader international harmonization of accounting standards. EU providers listed on recognized stock exchanges now use IFRS in preparing consolidated financial statements.
The signing from the 2002 “Norwalk Agreement” by the IASB and U.S. Monetary Accounting Standards Board symbolized the commitment of national standard setters to converge toward a single set of international accounting standards worldwide. The Australian Ac ounting Standards Board has adopted IFRS as Australia’s accounting standards. China and Japan have committed to converging their respective national accounting standards to IFRS. The Canadian Accounting Standards Board will replace Canadian accounting standards with IFRS in 2011. Common setters from Australia/New Zealand, Canada, France, Germany, Japan, the United Kingdom, and also the United States actively partner using the IASB in its standard-setting activities.