This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Agenda consultation 2011

Background

In February 2010 the Trustees of the IFRS Foundation, the IASB's oversight body, announced enhancements to their governance arrangements, including the decision to undertake a three-yearly public consultation on the IASB's future technical agenda, in addition to consulting the Trustees and the IFRS Advisory Council annually on the existing and future agenda.

On 20 June 2011, the IASB formally announced that it would be undertaking for the first time a public agenda consultation on its future work plan.

The primary focus of the consultation is a 'Request for Views' document which will consider the agenda from two perspectives: (1) the overall strategic direction and balance of the agenda, and (2) understanding the financial reporting needs of stakeholders and how these might be balanced with constraining factors such as stakeholder and IASB resource capacity and the IASB's existing priorities.

The IASB published its Request for Views on its agenda consultation on 26 July 2011.

Current status of the project

The IASB issued a 'Feedback Statement' on 18 December 2012, which concluded the agenda consultation and resulted in five broad themes emerging from respondents:

  • First, respondents asked that a decade of almost continuous change in financial reporting should be followed by a period of relative calm.
  • Second, there was almost unanimous support for the IASB to prioritise work on the Conceptual Framework, which would provide a consistent and practical basis for standard setting.
  • Third, the IASB was asked to make some targeted improvements that respond to the needs of new adopters of IFRSs.
  • Fourth, the IASB was asked to pay greater attention to the implementation and maintenance of the Standards.
  • Finally, the IASB was asked to 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.

 

Summary of projects included in the Feedback Statement

Standards-levels projectsResearch projects

MoU and joint projects with FASB

New projects

Priority projects

Longer term projects

Other
    Priority project Other activities

     

    Project milestones

    DateDevelopmentComments
    February 2010 IASCF Trustees Constitution Review introduces three-yearly consultation process
    20 June 2011 IASB formally announces public consultation process
    26 July 2011 Request for Views Agenda Consultation 2011 published Comment deadline 30 November 2011
    18 December 2012 Feedback Statement: Agenda Consultation 2011 published Conclusion of agenda consultation

    Related Discussions

    • The research programme

    • Apr 22, 2014

    • The Board received a presentation by the Senior Director for Technical Activities on the IASB's research programme. He outlined how the research activities had developed over time and how they became a more formal part of the due process. He gave an overview of the current inventory of research projects and discussed their staffing. As a particular example, the project manager on the research project for distinguishing liabilities from equity provided an overview of the project plan. No decisions were taken.

    • Conceptual framework

    • Sep 28, 2012

    • The staff presented their proposals to the Board as to how to approach the project on the conceptual framework. The staff recommended that the conceptual framework project should focus on elements of financial statements, measurement, reporting entity, presentation and disclosure. They also noted that the aim would be to work towards a single discussion paper covering all of the areas (rather than the previous joint IASB and FASB phase project on the conceptual framework), rather than separate discussion papers for each area.

    • Agenda consultation

    • May 23, 2012

    • The IASB staff presented a summary of the feedback received in response to the IASB’s request for views Agenda Consultation 2011, including a summary of the IASB’s responses to the feedback.

    • Agenda consultation — Comment letter summary

    • Jan 26, 2012

    • The IASB staff presented feedback received in response to the Board's request for views Agenda Consultation 2011, as published for public comment in July 2011. Feedback was provided as an education session. No tentative decisions were taken by the Board.

    • Report of the IASB Chairman

    • Jan 12, 2012

    • Hans Hoogervorst noted that he had provided a detailed written report with supporting appendices. He limited his remarks to highlighting some issues.

    All Related