At its latest board meeting, the IASB discussed its mission statement, ‘to develop IFRS standards that bring transparency, accountability and efficiency to financial markets around the world’. Its work ‘serves the public interest by fostering trust, growth and long-term financial stability in the global economy.’

Traditionally though, its work concerned settling accounting issues only once these had been passed. Following the raft of new International Financial Reporting Standards (IFRS) standards, however, it became apparent that reporting aspects are becoming a larger focus - and rightfully so. The focus on one hand has been to foster more effective communication, but on the other hand there continues to be a focus on more accurate information.