The Trustees of the IFRS Foundation’s recent report of its review of the Foundation’s strategy, “IFRS as the Global Standard: Setting a Strategy for the Foundation’s Second Decade,” sheds some light on just how the Trustees see IFRS moving forward over the next few years.
The strategy review and report were prompted by the Foundation’s stated belief that the goal of achieving a single high-quality globally accepted set of accounting standards is now within reach; IFRS is adopted in more than 100 countries, and in many countries in which it’s not yet adopted, consideration of adoption is well underway. The report notes that included among these are several major economies, including the United States and Japan, and that the Trustees assume the decisions made here will be positive. If they’re not, some of the recommendations may need to be revisited. “The next 18 months will be critical in determining whether this goal is achieved,” the report states.
