Question 9

Below is an extract taken from an interview conducted by IAS Plus with Sir David Tweedie, the former Chairman of IASB.

He is stepping down after over twenty years of trying to bring order to financial reporting and get that order embedded around the world. He was brought in at a time when chaos and corporate disorder were the name of the game. When you talk to observers and colleagues about the achievements of the IASB the sort of phrase which comes into the conversation is: 'no one would in their wildest dreams would have expected us to achieve this'. From a more or less standing start some 120 countries now follow International Financial Reporting Standards(IFRS).

YOU ARE REQUIRED TO:

1. Summarize the three objectives of the International Accounting Standards Board (IASB).
2. Critically discuss whether International Harmonisation of Financial Reporting is both desirable and enforceable.
3. Analyse why an organisation should produce a sustainability report.
4. Outline two issues associated with the sustainability report.