The IAASB has expressed support for the continued development and enhancement of taxonomies for IFRS and IFRS for Small and Medium-sized Entities (SMEs) following due process and broad international consultation. The IAASB will be following the progress of the IASC Foundation's work in this area with interest, in particular as it relates to the IAASB's project on XBRL.
The IAASB has expressed support for the FSB's work in this area, and will be following its progress, in particular as it relates to the IAASB's projects on auditing financial statement disclosures, the auditor's responsibilities relating to other information, the auditor's report, and audit quality.
The IAASB has provided comments on matters raised in the Green Paper that are directly within the remit of the IAASB. The IAASB will be following the progress of the European Commission's consultation on its Green Paper with interest, in particular as the IAASB works to develop its 2012-2014 strategy and work program.
The IAASB formalized the process by which it monitors developments in financial reporting standards, one goal of which is to provide the International Accounting Standards Board (IASB) with timely input on aspects of its proposed standards that may have potential verifiability or auditability issues. For this purpose, a working group consisting of IAASB members and technical advisors has been formed to monitor selected IASB projects.
