The International Accounting Standards Board (IASB) today published for public comment a document seeking views on its work plan and priorities until 2020.
The Agenda Consultation provides an opportunity for interested parties to have their say on how the IASB prioritises and balances its work to deliver International Financial Reporting Standards (IFRS) for the world economy.
The IASB’s work plan is split into three main categories, which reflect the different stages of the standard-setting process:
- research projects, which are designed to help the IASB better diagnose problem areas in financial reporting, and to consider whether changes are warranted before proceeding;
- standard-setting projects, which the IASB moves forward by initiating a project to deliver fundamental improvements to IFRS—most likely resulting in amendments to existing requirements or the introduction of entirely new requirements; and
- maintenance and implementation projects, by which the IASB fine-tunes IFRS to deal with practical problems or a lack of consistency in applying the Standards.
In the Request for Views 2015 Agenda Consultation, the IASB seeks feedback on whether it has correctly identified the most important issues in its research programme and whether any adjustment is needed in how its Standards-level programme is prioritised.
Hans Hoogervorst, IASB Chairman, commented:
This is an important opportunity for those with an interest in financial reporting to have their say on our future priorities for the coming years.
The deadline for submitting comments is 31 December 2015.
This is the IASB's second Agenda Consultation. The first was carried out in 2011 and resulted in several changes to how the IASB works, including the establishment of the research function.
The IASB’s public consultation on its future work plan and priorities is being undertaken at the same time as a review being undertaken by the IFRS Foundation Trustees on the structure and effectiveness of the IFRS Foundation. The deadline for responding to that consultation is 30 November 2015.
Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
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