Prof Ann Tarca and Mr Darrel Scott, members of the International Accounting Standards Board (IASB), presented new perspectives on “Research in Accounting” during the University of Johannesburg’s (UJ) School of Accountancy discussion on the work plan, the use of research and what makes research useful for the IASB on Tuesday,15 October 2018.
Several local and international academics and professionals in the accounting profession attended the discussion. Other universities’ staff and students in South Africa and abroad also watched it.
Mr Darrel Scott is a board member of the IASB since 2010, having been in the international financial reporting standards (IFRS) interpretations committee, among many roles, for a long time. Tarca joined the IASB from the University of Western Australia’s Business School as an Accounting teacher and researcher since 1996 and a professor since 2011.
Mr Scott said that “as practices and types of accounting have changed, the approaches suggested by the older conceptual frameworks had become harder to apply in the new practice.” ”There is a big difference between the newer standards and what the older conceptual framework was pointing to,” explained Mr Scott.
Speaking about the 2018 publications, Mr Scott added that final documents of “definition of business”, “good will” and “definition of material” are some important projects that they are currently active. He also briefly talked about taxonomy in South Africa, saying that the direction in which the country is heading will make sure that the taxonomy is fit for the purpose that we see it as being the alternative delivery mechanism.
Prof Tarca presented on “Accounting research, how the IASB makes use of research and how research is useful to the IASB”. She explained the standard setting process which consists of agenda setting, research project, standard setting projects, and the post implementation review.
“Pipeline projects are more interesting and exciting than the agenda because they have a longer timeline,” she explained. The topics explored under the research pipeline were equity research, high inflation, scope of IAS 29, pollutant pricing mechanisms, and provisions, among other factors.
