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IASC Foundation Education Initiative

IASC Foundation Education Initiative. Michael Wells Senior Manager – Education Projects 15 June 2007 * The views expressed are those of the speaker, not the IASC Foundation. Overview. Structure Development Plans How we operate Questions?. Standard setting. IASB (set IFRS). IFRIC.

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IASC Foundation Education Initiative

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  1. IASC FoundationEducation Initiative Michael Wells Senior Manager – Education Projects 15 June 2007 * The views expressed are those of the speaker, not the IASC Foundation

  2. Overview • Structure • Development • Plans • How we operate • Questions?

  3. Standard setting IASB (set IFRS) IFRIC Technical staff StructureIASC Foundation IASC Foundation (22 Trustees) Standards Advisory Council Education Publications Communications XBRL (IFRS taxonomy) Technical Advisory Groups

  4. International Accounting Standards Board Technical Staff StructureEducation Initiative IASC Foundation (Trustees) Education Advisory Group EducationStaff

  5. Development • 2000—Inherit publications from IASC • 2003–2004: • Establish education initiative • Abandon proficiency testing proposals • 2005–2006: • Focus on IFRS material, conferences, presentations and supporting the work of others • 2007—Develop Plan 2011

  6. Revised IASCF Constitution • Section 2(c)—take account of: • special needs of SMEs • special needs of emerging economies • Section 15(j) • … Trustees shall … foster and review the development of educational programmes and materials that are consistent with the IASC Foundation’s objectives …

  7. Objective • strengthen IASCF’s efforts to promote the adoption and consistent application of IFRSs worldwide

  8. Core principles • Accessible worldwide • Take account of the needs of: • SMEs • emerging economies • Complement/not derogate from text of IFRSs & IFRS for SMEs • Work with IASB • Leverage the work of select others

  9. Plan 2011Full IFRSs • Electronic tools – Web & CD (Many languages) • Extensive hyperlinked cross-references (done) • Footnoted annotations & IFRIC agenda decisions (done) • Cursor-over pop-ups for defined terms (done) • Implementation guidance • Side-by-side language comparisons • Side-by-side IFRS/IFRS for SMEs comparisons • Side-by-side IFRS/US GAAP comparisons, etc • Hard copy texts • Summaries • International conferences & regional workshops • Select presentations • PowerPoint presentations with voice-overs • Support the work of others

  10. Plan 2011IFRS for SMEs • Detailed training materials • Regional implementation workshops • Regional update workshops (+2 years) • Electronic tools (Web-based and CD-ROM) • Various summaries • PowerPoint presentations with voice-overs • Support the work of others

  11. Plan 2011Emerging economies • Work with others: • Aid agencies • International organisations • Regional professional associations • Temporary promotion and developmental support for high-quality IFRS & IFRS for SMEs implementation programmes • Training materials for IFRS for SMEs • Regional IFRS & IFRS for SMEs implementation workshops • Access

  12. Plan 2011Access • Format • Material—Electronic (Web and CD) & hardcopy • Services—Conferences, workshops & presentations • Languages • 2006—mainly English • 2007—French, German, Italian, Spanish and some Ukrainian, Bulgarian etc • Affordability • Some free • Discounts: Academic—45%, Low-income countries—70%, Middle income countries—35% • Reinvest surplus in education projects

  13. How we operate • Plan in consultation with • Education Advisory Group • IASB Education Committee • Trustees’ Education and Publications Committee • Plan executed by • IASCF staff organise events and author materials • Co-brand events and materials developed by others • Peer review of all materials • IASB does not • review education materials • approve education materials • Branding • ‘Self funded’

  14. Human resource • Two full-time ‘technical’ education staff • Contract temporary staff for specific projects • Participation of IASB members & technical staff • Support from IASC Foundation staff

  15. The vision … … a single set of high quality, global accounting standards consistently applied worldwide …

  16. Thank you Questions?

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