The Chairman of the International Accounting Standards Board (IASB), Hans Hoogervorst, has delivered a speech in Toronto, Canada, in which he presented the IFRS Foundation’s and the IASB’s newly developed mission statement and provided an update on the progress of IFRS adoption around the world.
The new mission statement is consistent with the IFRS Foundation’s constitutional objective: to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. However, to increase understanding of the organisation’s role in, and contribution to, the global economy, a mission statement has been developed.
Mr Hoogervorst said:
“Our mission is to develop IFRS that brings transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth and long-term financial stability within the global economy.”
Mr Hoogervorst also talked about how IFRS continues to be adopted around the world, creating a bridge between countries with very different legal systems. The IFRS Foundation’s updated Pocket Guide, which charts the adoption of IFRS around the world, shows that adoption continues at a pace and that most countries have adopted IFRS in full and without modifications. The majority of countries surveyed require IFRS for all or most publicly listed companies, while several other countries permit the use of IFRS.