Darrel Scott on IFRS 9, IFRS 17 and more
Darrel Scott, member of the International Accounting Standards Board, talks to Chris Evans about putting together IFRS 17, how IFRS 9 is bedding in, South Africa’s early adoption of IAS 39, and more.
It turned out to be a bit of a debacle because we were too far ahead. The problem with IAS 39 was that, as early adopters, we had to deal with several incremental changes until the standard was more universally adopted. We were chasing a moving target. I am glad to say, the International Accounting Standards Board (IASB) knows that a staggered approach to standard setting rarely works. When we publish a standard, we encourage a single adoption date.
Interestingly, the experience did lead me to engage far more directly with the International Financial Reporting Standards (IFRS) process and IFRS Foundation, and out of that I became a member of the IFRS Advisory Committee. So, IAS 39 proved to be a key personal turning point.