The Quoted Companies Alliance Financial Reporting Committee examined this consultation from the IFRS Foundations strategy review, which seeks views on the purpose of Financial Reporting Standards.
The committee commented on:
- how vital it is for the IASB focuses on the impact of the use of its standards on theoverall quality of financial reporting;
- how the IFRS should seek to ensure that financial statements be true and fair view;
- how the IASB should focus on proportionality for standards; and
- how there should be effective representation from smallerlisted/quoted companies on the IASB.