Acca financial Accounting (FA) Study Text ac ca (FA)

The regulatory framework 

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Within the European Union, IFRS Standards were adopted for all listed entities 

in 2005. Other countries to have adopted IFRS Standards include: Argentina, 

Australia, Brazil, Canada, Russia, Mexico, Saudi Arabia and South Africa. The 

US, China and India are going through a process of 'convergence,' whereby 

they are updating their national standards over time so that they are consistent 

with IFRS Standards. 

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Structure of the international regulatory system 

 

IFRS Foundation (the Foundation) 

The Foundation is the supervisory body for the IASB® and is responsible for 

governance issues and ensuring each member body is properly funded. 

The principal objectives of the Foundation are to: 

•

 

develop a set of high quality, understandable, enforceable and globally 

accepted financial reporting standards 

•

 

promote the use and rigorous application of those standards 

•

 

to take account of the financial reporting needs of emerging economies 

and small and medium sized entities 

•

 

bring about the convergence of national and international financial 

reporting standards.