The International Accounting Standards Board (the Board), which sets IFRS Standards required in more than 120 countries, has today published the conclusions from its recent Agenda Consultation and its five-year work plan.
Listening to feedback from stakeholders, the Board has confirmed that a central theme for its activities until 2021 will be Better Communication in financial statements.
The Board aims to improve the communication effectiveness of financial statements by taking a fresh look at how financial information is presented and grouped together. It will also continue to enhance disclosures and–through the IFRS Taxonomy™–support the use of electronic reporting.
Other focus areas for the five-year period are:
- completing large projects–finalising the new insurance contracts Standard and the revision of the Conceptual Framework, both of which are expected to be issued in 2017;
- supporting implementation–continuing to develop support, including online support, for stakeholders’ implementation of new IFRS Standards, and maintaining existing Standards effectively through the IFRS Interpretations Committee and post-implementation reviews; and
- focusing the research programme–reducing the number of research projects to enable stakeholders to engage in the Board’s work more fully and to ensure timely completion.
Hans Hoogervorst, Chairman of the International Accounting Standards Board, said:
The 2015 Agenda Consultation has provided valuable input from a wide range of stakeholders around the world. It has helped us develop a focused work plan for the next five years that will further improve financial reporting internationally and where Better Communication in financial statements will be a central theme.
Watch IASB Chairman Hans Hoogervorst talk through the Board’s key priorities for the next five years. A central theme for this period will be Better Communication in financial reporting. The Board’s Feedback Statement on the consultation is available using the link on the right hand side.