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Commentary: IFRS and the Domestic Standard Setter – Is the Mourning Period Over?
Author(s) -
Stevenson Kevin M.
Publication year - 2010
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2010.00103.x
Subject(s) - setter , accounting , international financial reporting standards , international standard , business , profit (economics) , public sector , economics , economy , engineering , telecommunications , archaeology , history , microeconomics
The introduction of International Financial Reporting Standards (IFRS) has changed but not lessened the roles of domestic standard setters. After a grieving period, they are now coming to realise that they have fundamental roles supporting international standard setters and ongoing roles in the public and not‐for‐profit sectors.The International Accounting Standards Board (IASB) has focused on for‐profit reporting, and the International Public Sector Standards Board (IPSASB) is a developing standard setter in the public sector. Domestic standard setters can help fill the gaps, support the development of the international standard setters and assist at the coalface when standards are applied.