At its third meeting, the Emerging Economies Group of the IASB (EEG) focused on issues around the application and implementation of IFRSs in emerging economies.
The meeting reconfirmed the influence of EEG in enhancing the voice in the process of IFRSs setting. Members acknowledged that with joint efforts by the IASB, the EEG works smoothly and achieves fruitful results, which facilitate the final objective of one single set of high quality global accounting standards. In particular, the meeting provides a venue for discussing specific accounting issues from emerging economies perspectives. In the meantime, the EEG looks forward to more attention and support from the IASB.
From the perspective of emerging economies, delegates attending the meeting shared experiences and had a productive discussion on agriculture accounting, accounting for telecommunication tower, and the clarification of terms in IFRSs and the translation issues. The meeting outcome is valuable reference for the IASB in future agenda arrangement and improvement to the IFRSs.
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