A PERIOD OF CALM PERHAPS AS THE IASB REFLECTS ON A DECADE OF UPHEAVAL

摘要

At the start of every year, it is good to look back at the previous year's achievements. For the International Accounting Standards Board (IASB) 2014 was a year filled with significant change, particularly in December. According to Ian Macintosh, vice president of the IASB, 'a period of calm is expected after a decade of vast changes in regulations and reporting requirements'. In his statement, Macintosh is referring to the decade of International Financial Reporting Standards (IFRS) implementation, starting in January 2005 when the EU outlined the first steps required for compliance. Now, a decade later, financial institutions are occupied with changing their major standards (IFRS 9/10/11/12/13). In addition, the leasing and insurance standards are in their latest phases of completion.