Master Board Member points are earned by attending IASB
division meetings, governing meetings and legislative leadership programs, as well as holding positions of leadership within the association.
The existing FASB and IASB
frameworks differ in their authoritative status.
Part of the argument touches on how the IASB
wouldn't want to be involved in overseeing U.S.
's expected credit loss standard should also arguably be the expected credit loss standard under US GAAP, because in 2002, FASB and IASB
entered into the "Norwalk Agreement" which committed to boards to "converge" US GAAP and IFRS by adopting identical accounting standards in order to reduce cross-border accounting differences.
IFRS 9 is a standard issued by IASB
that deals with classification and measurement of financial assets.
"The reforms introduced by IFRS 9 are much-needed improvements to the reporting of financial instruments and are consistent with the requests from the G-20, the Financial Stability Board, and others for a forward-looking approach to loan-loss provisioning," IASB
Chairman Hans Hoogervorst said in a news release.
The global body for professional accountants' Global Forum for Corporate Reporting responded to the IASB
's consultation on the proposed amendments to the Standard.
Regarding its responsibilities, IASB
intends to take action in three main areas:
As part of the restructure, the IASC Foundation (IASCF) was formed and the IASB
was to be supported primarily by private contributions of chartered accounting firms and international business enterprises (IASCF, 2001).