Everyone is trying to maximize their cash take from everyone else.” I need not elaborate on how the process of economic development is arrested and the economic well-being of the vast majority of people takes a buffeting once financial instability sets in. Accountants are one of the several key players whose role in the promotion of financial stability is decisively crucial.
At the pinnacle of the accountancy profession lies the International Accounting Standards Board, the IASB, whose mission is testimony to the importance of the profession. As you are aware, the IASB is the standard-setter tasked with the responsibility of developing International Financial Reporting Standards that bring transparency, accountability and efficiency to financial markets around the world.