International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards

Preface

2011 was a milestone year for the International Accounting Standards Board (IASB). The end of June saw the retirement of Sir David Tweedie, the IASB's chairman for the ten years since its inception. During that decade, IFRS has become the predominant globally recognised accounting language in most major capital markets.

This represents a considerable achievement by all concerned: the European Union, whose leaders had the vision to set the agenda for a common financial reporting regime across the EU; the former Board of the International Accounting Standards Committee (IASC), who undertook the core standards programme that laid the groundwork for global acceptance of international standards; the many countries throughout the world whose standard-setters have contributed to the work of the IASC and the IASB; the members of the IASB; and the large number of governments that have recognised the value of a common financial reporting regime and adopted IFRS. We must in particular recognise the enormous contribution made by Sir David Tweedie.

Yet the past year has been difficult for standard-setters. There has been slow progress on key accounting standards (those relating to financial instruments, revenue and leasing) and there is still uncertainty about the adoption of IFRS by the United States. The US Securities and Exchange Commission (SEC) is still expected in 2011 to set out its views on the role of IFRS in the US. As part of its factgathering and analysis, the SEC staff ...