Emerging Economies Group Established
On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing. EEG founding members are all emerging economies from the G20 and Malaysia.
The establishment of the EEG by the IFRS Foundation is intended to further enhance the influence of emerging economies in the development process of IFRSs and is a response of the IASB to the G20 recommendation to introduce more involvement from emerging economies into its standard setting. The EEG's activities will mainly focus on pointing out specific issues from emerging economies to the IASB via a regular communication mechanism. The IASB believes this will strengthen the global acceptance of IFRSs and ultimately facilitate the IASB's mission to set up a single set of high quality global accounting standards.
The subject of the first EEG meeting was fair value measurement in emerging economies.