® Prof. Dr. Hans-Georg Bruns IASB Reliable Financial Reporting: A Prerequisite in Providing Information Useful in Making Economic Decisions Ministerial.

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Presentation transcript:

® Prof. Dr. Hans-Georg Bruns IASB Reliable Financial Reporting: A Prerequisite in Providing Information Useful in Making Economic Decisions Ministerial Conference for South East Europe Vienna, Austria 16 March 2006

® The Vision … one single set of high quality global standards....used domestically and on global capital markets.

® International Accounting Standards Board (IASB) The IASB is committed to develop, in the public interest, a single set of high quality, global accounting standards… …to help users to make economic decisions.

® International Accounting Standards (IASs) Now known as International Financial Reporting Standards (IFRS). They are intended to give: Understandability Enforceability Transparency and comparability of information …to help users to make economic decisions.

® Economic Significance Attracting Foreign Direct Investments through transparency Fostering private sector development through increased comparability Minimising cost of capital Reducing operational expenses Integrating Europe’s economies with the EU

® Coverage of Standards in European Languages IAS / IFRS are now translated into more than 30 European languages, including:  20 official EU languages  4 Candidate Country languages  7 non-EU European languages IASB has a dedicated translation team Close co-operation between IASB and European Commission

® The IASB and new technology development XBRL = eXtensible Business Reporting Language A global Internet-based electronic language that is being supported by the IASB XBRL makes IFRS accounts readable and comparable in electronic format! XBRL helps companies file their accounts electronically with the authorities

® Who we are and What we do Sir David Tweedie, Chairman, IASB Tommaso Padoa-Schioppa, Chairman, IASC Foundation Trustees IASB and IASC Foundation based in London 60+ people altogether working for the world’s accounting standards

® IASB – Seeking opinions Research agenda and work programs are public and open for discussion Advisory groups and round tables Discussion papers Exposure drafts Public board meetings

® IASB Communications - Board Members speak at Conferences and Seminars -Annual “Convergence Conference” in April: 400 participants expected! - IASB website : - Yearly series of “IASB Roadshows” -IASB publications sold worldwide -IASB Press Releases

® Europe’s accounting standards - In 2002 all 25 Member States of the European Union (EU) adopted International Accounting Standards as mandatory for all listed companies. - Before: Each country had its own national standards - Now: The same set of standards Europe- wide!

® Europe part of a global movement 100 countries have approved IFRS Russia, Australia, EU are in Coming soon - Canada, Chile, China, … - India, Latin America, … Converging with USA and Japan IFRSs Around the World RED = IFRS Approved ORANGE = Stated move to adoption YELLOW = Adapting to IFRSs