The Board carries out a Post-implementation Review (PIR) of each new IFRS Standard or major amendment. A PIR is an opportunity for the Board to assess the effect of the new requirements of an IFRS Standard on investors, preparers and auditors. In undertaking a PIR the Board:
- considers important or contentious issues in the development of the IFRS Standard;
- considers issues that have come to the Board’s attention since issue; and
- identifies areas where unexpected costs or implementation problems were encountered.
The Board normally begins a PIR after the IFRS Standard has been implemented for two years internationally, which is generally about 30-36 months after the effective date. The first phase of a PIR involves the initial assessment of the matters to be examined. The Board consults publicly on the matters identified in the first phase of the PIR. It also reviews relevant academic studies and other reports and may also conduct surveys and other outreach.
At the end of the PIR the Board publishes a Report and Feedback Statement summarising its findings, and sets out the steps it plans to take, if any, as a result of the PIR. The next steps may result in a standard-setting, research or maintenance project, depending on the nature of the topic and the evidence provided by the PIR.