IASB establishes Emerging Economies Group


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 set of high quality accounting standards in the world,” the IFRS Foundation said in a statement.
Source:The Accountant

Comments

  1. Solomon Zori3 August 2011 at 10:15

    This is a very good move by the IASB. I welcome this news and hope that, in the wake of continuing resistance to IFRS, there will be similar efforts to further enhance IFRS activities in Africa and other poorer countries which are not sure IFRS will benefit then.

    ReplyDelete

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