What's New (Feb, 2010)

February 8,2010

On January 22, 2010, the fourth meeting of IFRS Council was held at the Financial Accounting Standards Foundation. During this meeting, recent regulatory developments in accounting standards and major issues before introduction of IFRS were reported. Strategic Committee for IASB and each Task Force Committee updated on recent developments surrounding the IASB and IFRSs and reported on their activities. Considering the heightened importance of international affairs in accounting standards, it was proposed and approved that the “Strategic Committee for IASB” be reorganized into the “International Affairs Committee”. It was also discussed and supported that the establishment of a council, tentatively named “The Council on Accounting on Unlisted Companies” to consider the accounting of unlisted companies based on their nature.
 
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