On 26 July 2011, the IASB launched a public consultation to seek broad public input on the strategic direction and overall balance of its future work programme.
Published: 26 July 2011
Comments by: 30 November 2011
Summary
On 26 July 2011, the IASB launched a public consultation to seek broad public input on the strategic direction and overall balance of its future work programme. As the process of improving IFRSs and aligning them with US GAAP moves closer to completion, this consultation seeks to answer the question of ‘what next?’ by asking deliberately open questions to gather views from all those involved in or affected by financial reporting.
The IASB thinks that its future work falls into five strategic areas that fall into two main categories: the development of financial reporting and the maintenance of existing IFRSs.
Developing financial reporting
- Strengthening the consistency of IFRSs by completing the update of the conceptual framework, and improving the usability of financial reports through the development of a presentation and disclosure framework.
- Investing in research and addressing the strategic issues for financial reporting to aid future standard-setting and to develop further the IASB's vision of the future shape of financial reporting, including exploring the interaction of IFRSs with integrated reporting.
- Filling gaps in the IFRS literature by undertaking standards-level projects ie, developing new IFRSs or making major amendments.
Maintaining existing IFRSs
- Obtaining a better understanding of operational issues of new IFRSs and major amendments through conducting post-implementation reviews.
- Improving the consistency and quality of the application of IFRSs by responding to implementation needs arising from the revised set of IFRSs, through the use of targeted, narrow-scope improvements to IFRSs, including consideration of the completeness and consistency of integration of XBRL with IFRSs.
The consultation document includes a list of projects that were previously added to the agenda but deferred as well as a range of new project suggestions. Views are requested on which of these projects the IASB should give priority too.
Have your say
ICAEW will be responding to the IASB and we are keen to hear member views from across practice, business and the SME sector. If you would like to participate in discussions please contact john.boulton@icaew.com.
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