ABSTRACT
In a speech delivered in Japan in November 2014, the chairman of the IFRS Foundation trustees, Michel Prada, said that the IFRS Foundation and the International Accounting Standards Board (IASB) had evolved into a global accounting standard setter. International Financial Reporting Standards (IFRS) are the predominant basis on which companies’ financial statements are prepared because ‘investors have a clear bias for the familiar’ and that IFRS have become the means to provide that familiarity to international investors.
