How to transition to 21st Century Financial Reporting Standards

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There are two approaches for moving from existing international and national financial reporting standards to 21CFRS.  Evolution and Revolution.

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The Evolutionary approach will require existing standard setters to appreciate some or all of the ideas set out in 21st Century thinking and incorporate them into their own standards.

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The Revolutionary approach requires a regulatory body to recognise the benefits of 21CFRS and allow or require their adoption.  A prerequisite for this will be the development of a sufficient base of 21CFRS.

 

To facilitate adoption the initial approach will be to take the IFRS for SMEs as the starting point and to draft 21CFRS as exceptions to this.  As 21st Century thinking is developed additional pages will be added to this website.