Technological developments affect all organisations and the IFRS Foundation is no exception. We are considering which changes in technology are most likely to affect our work, looking at the question from different angles:
- accounting: do companies need additional guidance on how to account for new technologies such as crypto-assets?
- consumption of financial reports: how will technological developments change the way information is consumed? Will those changes affect our ongoing development of the IFRS Taxonomy, which enables digital consumption of financial information?
- standard-setting process: does the way in which we write Standards need to change as more and more users consume financial reports digitally and the constraints of paper-based reporting are removed? How can technology make the standard-setting process more efficient, for example in data analysis?
- stakeholder engagement: how can technology be used to improve communication and consultation with our stakeholders around the world?
We call this our Technology Initiative. It builds on work that has been ongoing for several years, but we have now brought it all together under one umbrella as we continue to develop our strategy and implementation plan.