IFRS : the inside story by Phillipe DANJOU, member of the IASB

On 18th January the students of INSEEC MBA Finance welcomed Philippe Danjou, until two months ago a member of the International Accounting Standards Board (IASB) in London, the team of 12 experts in charge of creating International Financial Reporting Standards (IFRS). An excellent rapport was immediately established by Mr. Danjou, who was able to speak to the students about the current IFRS development situation in their home countries, which range from Saudi Arabia (about to adopt IFRS this year) to Indonesia (a smaller market tentatively considering IFRS for SMEs).

We were treated to some fascinating insights into the diversity of approach to IFRS around the world, and discovered that this diversity extends not only to countries, but even to different industries and different types of stockmarket. As for the internal workings of the IASB, we were told that it has been assessed as the most transparent organisation in the world – all the deliberations of the monthly board meetings are broadcast live in the form of webinars which anyone in the world can watch, and the team of experts are even forbidden to hold conversations offline if more than five members are present!

As a French expert comptable with many years’ experience in the forefront of accounting and stock market regulation in France, and holder of several awards, Mr. Danjou was ideally situated to contribute to the deliberations of the Advisory Council from 2003 to 2006, and to those of the IASB from 2006 to 2016. He has now returned to France, but intends to spend the next few years giving conferences around the world.