IFAC To Engage More Stakeholders in Convergence; Will Field Test IASB SME Proposal

February 26, 2007

FEI Summary

On Feb. 26, 2007, the International Federation of Accountants (IFAC) announced it intends to “more effectively engage various stakeholders in the convergence process and work more closely with the investment community. In addition, IFAC will provide feedback to the  IASB on IASB’s Exposure Draft (ED), “IFRS for Small and Medium-sized Entities (SMEs),” including through field testing the ED. Other decisions reached at IFACs board meeting last week are outlined in the announcement.  

Separately, IFAC published in Feb. 2007 its “Perspectives on Global Application of IFRS,” available for free download here.

Prepared Feb. 28, 2007 by Edith Orenstein eorenstein@FinancialExecutives.org Director of Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.