The Board has recently published an Exposure Draft which presents and seeks views on the ASB’s role.

The draft Policy Statement argues that the most significant future role of the ASB will be in contributing to the development, with IASB and others, of a set of high quality global accounting standards.  The ASB has the capacity as an established national standard-setter to be a valuable source of accounting thought and insight for the IASB and an influential voice in debates on new accounting standards.

 

The ASB will contribute to the development of IFRS in a number of ways on different projects: contributing directly as part of the IASB team; communicating its views on IASB proposals; and, especially through EFRAG, contributing to the exchange of views within Europe.  In all of its work the ASB is conscious of the importance of maintaining a two-way dialogue with its constituents, so that the ASB will develop its own views on the merits of IASB proposals, reflecting the views and concerns of its constituents.

 

The other major activities of the ASB include:

• Influencing European Union policy on accounting standards, including the endorsement of IFRS
• Achieving convergence of UK accounting standards with IFRS
• Improving other aspects of UK accounting standards
• Improving communication between companies and investors, including developing and implementing standards for the OFR.