The International Accounting Standards Board has plugged what some have considered a gaping hole in international financial reporting standards by finally releasing an interim standard that makes it easier to compare financial reporting by rate-regulated enterprises.
Canada, in particular, is pleased as this has been an important issue in the Accounting Standards Boardís work to bring all publicly accountable Canadian entities into the IFRS family. Other stakeholders have, however, been quite critical of the effort.
"This interim standard is important because it helps us fully realize the AcSBís IFRS strategy for publicly accountable enterprises," says AcSB chair Linda Mezon.
Although there was no immediate reaction from other standard setters, they had made their views clear in their responses to the exposure draft on this subject released last year.