The National Organization for Financial Accounting and Reporting Standards organized the Round Table, which was devoted to the current issues concerning the development and enforcement of International Accounting Standards around the world. The Round Table was held in the Higher School of Economics on November 28th 2007. The main speaker of the event was Ian Angstrom – the member of the International Accounting Standard’s Board. The National Organization for Financial Accounting and Reporting Standards organized the Round Table, which was devoted to the current issues concerning the development and enforcement of International Accounting Standards around the world. The Round Table was held in the Higher School of Economics on November 28th 2007. The main speaker of the event was Ian Angstrom – the member of the International Accounting Standard’s Board. Ian Angstrom made an interesting and comprehensive presentation, which illustrated the current situation of transition to the international conventions of financial reporting around the world. Moreover, the member of the IASB informed the participants of the Round Table about the structure, method and policies of the International Accounting Standards Board. According to Ian Angstrom, the existence of one single set of international financial reporting standards is of a paramount importance to every member of the financial market: - It becomes increasingly difficult to compare a few foreign companies and to analyze the numbers of different financial reporting practices. For instance, two thirds of companies from 67 countries, listed at the London stock market, apply national financial reporting standards. Taking into account the growing importance of expanding capital markets and increasing scale of foreign investment, Ian Angstrom noted that, there is a need among the professional community for formalized international reporting framework. Furthermore, Ian Angstrom in his presentation covered the following topics: - Developments of new IFRS drafts such as “ Joint Venture Partnerships” and “Tax Income” - Amendments to IAS 1 “Presentation of Financial Statements” - Amendments to IFRS 3 “Business Combinations” - Amendments to IAS 27 “Consolidated and Separate Financial Statements” - Application of IFRS 7 “Financial Instruments: Disclosures” The Round Table involved the participation of representatives of the professional community, auditors, analysts and the heads of accounting and financial companies.