The IASB has identified five key aspects that should be reflected in the strategic approach towards a future agenda:
- the IFRS community has become more diverse
- the market environment has become more complex
- there are a number of changes that require implementation
- the quality and relevance of the standards needs to demonstrated
- the risk that practices related to implementation and adoption will diverge.
Consequently, the IASB thinks that its future work should fall into broad categories: 'Developing financial reporting' and 'Maintaining' existing IFRSs. Below is an excerpt from the agenda consultation document concerning five strategic areas driving the work of the IASB in those categories:
Developing financial reporting
- Strengthening the consistency of IFRSs by completing the update of the conceptual framework, and improving the usability of financial reports through the development of a presentation and disclosure framework.
- Investing in research and addressing the strategic issues for financial reporting to aid future standard-setting and to develop further the IASB's vision of the future shape of financial reporting, including exploring the interaction of IFRSs with integrated reporting.
- Filling gaps in the IFRS literature by undertaking standards-level projects, i.e. developing new IFRSs or making major amendments.
Maintaining existing IFRSs
- Obtaining a better understanding of operational issues of new IFRSs and major amendments through conducting post-implementation reviews.
- Improving the consistency and quality of the application of IFRSs by responding to implementation needs arising from the revised set of IFRSs, through the use of targeted, narrow-scope improvements to IFRSs, including consideration of the completeness and consistency of integration of XBRL with IFRSs.
|
The IASB makes the agenda consultation document and several supporting documents available on its website (all links below to the IASB's website):
There will also be a live webcast on the IASB's agenda consultation on 3 August 2011.
Comments on the consultation document are required by 30 November 2011.