Iran Holds Key Conference on IFRS Adoption

Financial Tribune - For International Financial Reporting Standards to truly take hold in Iran, they must be accorded significance on the national scale, the governor of the Central Bank of Iran said.

"A successful implementation of IFRS requires everyone to treat it as a national scheme that must go beyond a concept ratified by the Securities and Exchange Organization of Iran and even CBI, because it would benefit a wide variety of people," Valiollah Seif was also quoted as saying by the official website of the central bank.

Seif made the statements as the keynote speaker at the Conference on IFRS and Their Role in Improving Transparency of Financial Markets held in Tehran on Saturday.

Minister of Economic Affairs and Finance Ali Tayyebnia, President of the Central Insurance of Iran Abdolnasser Hemmati and Director of the Audit Organization of Iran Akbar Soheilipour were among top officials in attendance.

International Financial Reporting Standards is a single set of accounting standards, developed and maintained by the International Accounting Standards Board with the intention of those standards being capable of being applied on a globally consistent basis by developed, emerging and developing economies.