ESBG supports convergence and the international level-playing field that converged accounting standards would contribute to. Therefore ESBG has been tirelessly working since the launch of the IFRS 9-project in order to ensure that its members' interests are defended. The concept of expected credit losses is more punitive than the historical measurement of realised losses and the ESBG has raised concerns regarding the additional reporting burden on its members from this very complex new reporting requirement, which became effective on 1st January 2018.
The vision of global accounting standards has been publicly supported by many international organisations, including the G20, World Bank, IMF, Basel Committee, IOSCO - the International Organisation of Securities Commissions, and IFAC - the International Federation of Accountants. In 2001 the full-time and fully financed IASB, under the oversight of a new IFRS Foundation was established. In the 12 years since the introduction the IASB has produced many new standards under IFRS and has overhauled the standards it inherited from its processor, the IASC. More than 100 jurisdictions have now adopted IFRS. The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB.