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:
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.
A Feedback Statement summarising the Board’s priorities and the feedback it received during the 2015 Agenda Consultation process can be found here.