Deloitte comment letter on the IASB's Request for Views on its Agenda Consultation 2011
Deloitte's IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) on its Request for Views on its Agenda Consultation 2011. In the comment letter, we agree with the agenda and highlight several key points in the Board's strategic direction:
We agree with the Board that, as an immediate priority, it must dedicate all necessary resources to completion of the projects on revenue from contracts with customers, leases, insurance contracts and financial instruments. Given the scale of these four projects, a realistic allocation of significant resources to other projects can be made only once these priority projects have been substantially completed.
The continued development and refinement of the Conceptual Framework for Financial Reporting (2010) is critical to provide a clear set of principles to underpin individual standards. The Framework should, however, remain a ‘living document’ to be assessed as new standards are developed. In this way, the Framework can evolve as the global financial reporting environment changes.
The development of a clear framework for disclosures in financial statements is critical and urgent. This should be undertaken separately from, and with more urgency than, any project on presentation.
Click for our Comment Letter on Request for Views on its Agenda Consultation 2011.