At a stakeholder event sponsored by the DRSC (the German standard-setter) and the IFRS Foundation on the evening before the IFRS Foundation Trustees meeting in Frankfurt, Germany, Chairman Michel Prada gave a speech titled ‘The bumpy path towards global accounting standards’. He noted that the IASB’s work will always be controversial, but the gains of IFRS in Europe must be protected. He also emphasised the importance of collaboration for the IFRS Foundation and IASB.