Chairman Hans Hoogervorst discusses IASB's future agenda
Apr 04, 2012
On 4 April 2012, IASB Chairman Hans Hoogervorst addressed the KASB/Korea Accounting Institute Seminar in Seoul, Korea. In his speech, he focused on the IASB's agenda consultation.
Mr Hoogervorst noted that most of the convergence work with the US Financial Accounting Standards Board is complete. Currently, there are four remaining convergence projects (leases, revenue recognition, financial instruments, and insurance). The chairman is hopeful that the SEC will make a timely decision about the U.S. adopting IFRSs, which will help expedite the completion of the remaining convergence projects.
One of the most common items from the feedback received during meetings, round-table discussions, and other events was a request for a period of stability. Mr Hoogervorst noted that the IASB's future work programme would focus on 'fixing what needs fixing, and no more', including:
- completing revisions to the conceptual framework
- ensuring disclosure requirements are appropriate
- deciding what to do with other comprehensive income
- work on smaller projects, such as agriculture, business combinations under common control, hyperinflation and rate-regulated industries.
The chairman commented that the IASB has introduced a new research phase to the work programme. The research phase would be designed to gather preliminary views from within the IASB and other standard-setting groups before it is considered for the IASB’s work programme. Mr Hoogervorst emphasised working with other accounting standard-setting bodies to do research and report back their findings to the IASB, conducting much of the discussion paper phase of the IASB's standard-setting work. Mr Hoogervorst noted this should enable the IASB to understand national and industry perspectives earlier in the standard setting process.
Further, Mr Hoogervorst remarked:
The introduction of a research phase to our work stream, delivered by other accounting standard-setting bodies within the parameters set by the IASB, is an excellent example of our desire to formalise and strengthen our relationships with other organisations such as the KASB.
Click for speech transcript (link to IASB website).