Commentary: IFRS and the Domestic Standard Setter – Is the Mourning Period Over?

The introduction of International Financial Reporting Standards (IFRS) has changed but not lessened the roles of domestic standard setters. After a grieving period, they are now coming to realise that they have fundamental roles supporting international standard setters and ongoing roles in the public and not‐for‐profit sectors. The International Accounting Standards Board (IASB) has focused on for‐profit reporting, and the International Public Sector Standards Board (IPSASB) is a developing standard setter in the public sector. Domestic standard setters can help fill the gaps, support the development of the international standard setters and assist at the coalface when standards are applied.