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The IFRS Foundation has established an Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) aimed at further enhancing the influence of emerging economies in the development process of IFRS. The IFRS Foundation has established an Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) aimed at further enhancing the influence of emerging economies in the development process of IFRS. EEG members are all the emerging economies of the G20 and Malaysia. IASB Director of International Activities Wayne Upton EEG chairman while Chinese Ministry of Finance director general of accounting Yang Min will be the vice chair. The IFRS Foundation said the EEG operation will enlighten specific issues from emerging economies in the development of IFRSs through a regular communication mechanism with the IASB. “Such efforts will strengthen the global acceptance of IFRSs, which will ultimately facilitate the IASB’s mission to set up a single s

Ghana moves to IFRS what does that mean ? In my most recent article on Ghana`s adoption of IFRS (see 25 th July Issue of BFT, page 5), I did indicate that there are enormous benefits regarding the adoption of IFRS. Although the International Accounting Standards Board, the self-acclaimed global standard setter, has  received wide spread criticisms about the development of a single set of accounting standard across the globe, one thing critics all agree on is that, there is the need for the provision of high international accounting quality for users. For example, imagine an investor from Qatar is considering investing in Ghana and has no idea how financial statements are prepared and with what standards they are prepared with. It is difficult for this investor to make financial and investment decisions based on local or regional accounting standards. Hence the move towards IFRS has been largely greeted as a sign of making cross border investments and capital allocation easier. Howeve

IFRS in the African Continent: A look at Ghana As at today, about 120 countries worldwide have adopted the international accounting standards. There are projections that by the year 2014 and beyond, nearly 200 countries around the world would have adopted, plan to converge or adapt IFRS after the world’s largest capital markets- thus the United States of America which has announced convergence plans for listed firms by the year 2014. Already, the US stock market regulator, i.e. the Securities and Exchange Commission has lifted the reconciliation requirement by foreign firms currently using IFRS and seeking capital in the US, to reconcile their financial statements to that of US GAAP. It has long been argued that IFRS is not suitable for every economy. Whereas proponents of IFRS argue in favor of enhanced firm comparability, transparency in financial reporting and corporate governance, better regulation in financial markets, reduced cost of capital, better management of overseas operati