Future of IFRS

Recently the IASB published a paper on its future priorities.

In their “feedback statement”, the IASB lists input it received from the public on the future of IFRS. They organized the responses into five broad themes from the more than 240 comment letters it received. 

1. Provide a period of calm after a decade of almost continuous change in financial reporting.
2. Prioritize work on the Conceptual Framework, which would provide a consistent and practical basis for standard setting.
3. Make some targeted improvements in the needs of new adopters of IFRS.
4. Pay greater attention to the implementation and maintenance of the Standards.
5. Improve the way in which the IASB develops new standards, by conducting more rigorous cost-benefit analysis and problem definition earlier on in the standard-setting process. 

The Board also set out five priority near-term research projects. These are:

 

• Emissions Trading Schemes;
• Business Combinations under Common Control;
• Discount Rates;
• Equity Method of Accounting;
• Intangible Assets; Extractive Activities; and Research & Development Activities;
• Financial Instruments with the Characteristics of Equity;
• Foreign Currency Translation;
• Non-financial Liabilities (amendments to IAS 37); and
• Financial Reporting in High Inflationary Economies.

 

You can read the full report here.