Agenda consultation 2011
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 projects||Research projects|
MoU and joint projects with FASB
Longer term projects
|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|