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IASB Vice-Chair discusses impact of new IFRS Standards and enhancing the communication of financial information

  • IFRS - IASB Image

Dec 05, 2017

On December 5, 2017, the International Accounting Standards Board (IASB) released a speech given by IASB Vice-Chair Sue Lloyd on the IASB’s developments in the standard-setting process, as well as its upcoming focus on improving communication effectiveness in financial statements and wider corporate reporting. The speech was given at the 2017 AICPA Conference on Current SEC and PCAOB Developments.

Ms. Lloyd started by recapping some of the major standards finalized in the past few years, which include IFRS 9, Financial Instruments, IFRS 15, Revenue From Contracts With Customers, IFRS 16, Leases, and IFRS 17, Insurance Contracts. She noted that for some of these standards, the IASB worked closely with the FASB to develop comparable guidance where possible. In addition, she discussed how the Interpretations Committee and the implementation groups play a key role in gathering information about issues in practice related to application of accounting guidance.

Next, Ms. Lloyd commented that one of the objectives the IASB has for the next five years is to improve communication effectiveness. She explained that this area of work is broken into three parts: (1) improving performance reporting, (2) improving the effectiveness of financial statement disclosures, and (3) enhancing content with the use of electronic tagging (IFRS Taxonomy).

Lastly, she mentioned that the IASB has added a project to its work plan on wider corporate reporting, which will investigate what information is useful to investors that goes beyond the traditional financial statement.

Review the full transcript of the speech on the IASB’s website.

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