Consultation on IASB's future agenda

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19 Jun, 2011

The IASB has formally announced that it will be undertaking for the first time a public agenda consultation on its future work plan.

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.

A paper (link to IASB website) being considered at this week's IFRS Advisory Council Meeting (see our 20 June 2011 article) outlines the expected timetable for the consultation process:

  • July 2011: Discuss revised proposals with IFRS Foundation Trustees
  • July 2011: Board discussion and finalisation of consultation proposals
  • July 2011: Launch of Agenda Consultation, with a minimum 120 day comment period
  • 30 November 2011: Consultation period ends
  • Q1 2012: Publication of comment summary, start of Board discussions and consultation with the IFRS Advisory Council
  • Q2 2012: Publication of Feedback Statement summarising what has been learnt from the agenda consultation

The paper outlines the primary focus of the consultation will be 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.

Click for IASB announcement (link to the IASB website).

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