The Trustees of the IFRS® Foundation, responsible for the governance and oversight of the International Accounting Standards Board (Board), today published the findings of independent research commissioned to better understand stakeholder attitudes towards the work of the IFRS Foundation and the Board.
The research found that the IFRS Foundation is perceived as being successful in achieving its public interest mission, and is highly rated for transparency, independence and professionalism. The research also identifies areas for further development, mainly around the complexity of its Standards, the timeliness of its standard-setting process and the need to respond quickly in a changing world.
The research was conducted between February and May 2017 by Ebiquity, an independent research agency. Ebiquity interviewed 50 senior stakeholders from around the world. That research was then supplemented with online surveys of members of the IFRS Foundation’s advisory bodies, including the IFRS Advisory Council and the Accounting Standards Advisory Forum, as well as a separate survey of the Board and senior staff.
As a follow up to the strategic review conducted in 2016, the commissioning of the research is part of a broader initiative led by the Trustees to develop a series of key performance indicators by which to report on the overall effectiveness of the IFRS Foundation.
The findings of the research are generally in line with feedback received through other channels, and the organisation has already introduced some changes in the areas identified as warranting improvements.
Michel Prada, Chairman of the IFRS Foundation Trustees, said:
These findings are very encouraging, particularly given the size of the organisation compared to our global remit, and will help the Trustees discharge our oversight responsibilities.
We will work with the Board and staff to ensure that our future plans and priorities are informed by this feedback. We are grateful for the many insights and thoughtful contributions provided by our stakeholders from around the world.
The full report can be accessed here.