Personal Reflections on Ten Years of the IASB

Warren McGregor

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

The International Accounting Standard Board's first 10 years were, in many ways, tumultuous. Established initially as a type of accounting ‘think tank’ with a mandate to develop high‐quality accounting standards that could be adopted on a voluntary basis by countries around the world, it soon gained an international constituency that thrust it into the hurly burly of international accounting standard setting. Before it knew it, the Board was faced with not only resolving challenging technical issues but also dealing with the politics and other pressures that accompany attempts to change accounting practices in highly controversial areas. This article is a personal reflection on the Board's journey from its inception in 2001 until 2011, when the last of the initial board appointees, including the author, retired from the Board. The article indentifies and discusses some of the critical events that took place, including the impact of some of the events on the people directly involved.

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References

2009Market Reaction to the Adoption of IFRS in Europe 2021Conceptual Framework for Financial Reporting: 1989, 2010, 2018 2011International Financial Reporting Standards: what are the benefits?2007Financial Reporting and Global Capital Markets 2012The Evolution of the IASC into the IASB, and the Challenges it Faces 2009Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers 1999An Insider's View of the Current State and Future Direction of International Accounting Standard Setting 2012IFRS in the United States: If, When and How

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