IASB Seeks Guidance on Work Plan to Improve International Financial Reporting Standards
The International Accounting Standards Board (“IASB”) is seeking guidance on its work plan through 2020, in order to fulfill its mission to develop International Financial Reporting Standards (“IFRS”) that bring transparency, accountability and efficiency to financial markets around the world.
The IASB issued the Agenda Consultation to help ensure that its priorities are consistent with the needs of users of financial statements, as they improve and enhance financial reporting standards for the world economy. This is the second time the IASB is providing this opportunity. The first Agenda Consultation was conducted in 2011, which provided valuable input that helped guide their agenda over the past few years.
The IASB’s current work plan is broken down into three distinct categories:
- Research projects designed to help identify problem areas in financial reporting and to determine whether or not changes are needed
- Standard-setting projects which aim to amend existing requirements or create new standards
- Maintenance and implementation projects which are designed to enhance or fine tune practical problems or items that lack consistency in applying standards
In addition to its Agenda Consultation, the IASB is also seeking input on the structure and effectiveness of the IFRS Foundation, including the IASB. Anyone interested in commenting on the 2015 Agenda Consultation, can obtain the document at www.ifrs.org. Comments are due by December 31, 2015.
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