The IFRS experiment – comparing and contrasting the Australian and European perspectives
Deloitte Australia Insights podcast
Bruce Porter, leader of Deloitte's Accounting Technical group in Australia and member of the AASB, talks with Stig Enevoldsen, a partner of the Deloitte practice in Denmark and Chairman of the Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG), about the experience with IFRS in Europe and Australia and the key IFRS challenges moving forward.
Listen to Bruce and Stig discuss (17 Minutes 56 seconds) the challenges and opportunities of the IFRS experiment, including:
- a critique of the work of the IASB to date
- the initial implementation experience with IFRS in Europe and Australia
- ensuring global consistency in the application and interpretation of IFRS and the role of local interpretations
- the impact of the United States eliminating the US-GAAP reconciliation requirement and moving towards accepting IFRS for domestic filers - do we risk moving towards a 'rules based' approach for IFRS?
- the role of EFRAG in the endorsement of IFRS in Europe and what this means for the IASB's due process
- specific IASB projects, such as the recent puttable instruments amendments and the proposed IFRS for SMEs.
We've also made available the full interview with Stig Enevoldsen (25 minutes 19 seconds), which includes complete answers to all questions and covering the following additional topics:
- balancing competing priorities and demands of different jurisdictions that have moved to IFRS
- the ongoing role of national standard setters in the standard setting process
- the key IFRS-related issues that must be addressed by the IASB as priority projects.
- Full version of this podcast, including the entire interview with Stig Enevoldsen (25 minutes 19 seconds)
- IFRS-related tools and resources
- Background information on EFRAG from our IAS Plus website.
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