AICPA & CIMA is pleased to respond to the above consultation. AICPA & CIMA has long supported International Financial Report Standards (IFRS), the International Accounting Standards Board and the IFRS Foundation. The AICPA was a charter member of the International Accounting Standards Committee (IASC), formed in 1973, the predecessor of the International Accounting Standards Board (IASB), and has used its best efforts to advance international convergence of accounting standards since then. CIMA has consistently supported the creation and adoption of international reporting standards as set by the IASB and supported their adoption by the European Union in 2005.
AICPA & CIMA supports the intention to amend the Constitution to expand the objectives of the Foundation to encompass the development of globally accepted sustainability standards. As outlined in the response to the IFRS September 2020 consultation this is an important step forward. We are broadly in favour of the proposed amendments and the consequential changes that are suggested in your consultation document of 30th April 2021.