SINGAPORE, July 17 (Xinhua) -- Singapore's Minister of State Lim Hwee Hua on Thursday said the International Financial Reporting Standards (IFRS) needs to be more simple and reliable to facilitate more countries and firms at different development levels.
Speaking at a regional standard-setters meeting, she gave some suggestions to the International Accounting Standards Board (IASB).
She said, "IFRS should maintain a principles-based approach that would allow for a certain degree of flexibility. This can be done by giving individual countries the ability to nuance the interpretations to the standards based on local conditions."
IASB should also issue new accounting standards at a pace that is comfortable for all stakeholders, she added.
She also said that the IASB should continue dialogue, as it has with all countries, with special focus on smaller, developing and emerging economies so that they too will make the IFRS the accounting standards of choice.
