Article on the role of post-implementation reviews

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05 Sep, 2017

IASB member Gary Kabureck has contributed an article to the IASB website 'A holistic look at IFRS Standards: the role of Post-implementation Reviews'.

The article is certainly also intended as a reminder that comments on the request for information published as part of the post-implementation of IFRS 13 are due 22 September 2017.

The main reason for the article, however, seems to be expectation management. As Mr Kabureck explains, the post-implementation review process is not intended to be a cover-to-cover reconsideration of the entire underlying standard. Rather, the main aim of the process is to look at the following questions:

  • Have the standard’s objectives been achieved?
  • Are difficult or challenging requirements performing as intended?
  • Have new issues emerged since the standard was issued? 
  • Are the compliance costs consistent with expectations?

And yet Mr Kabureck notes that even if potential improvements are identified the Board might conclude that it will make no changes to the standard:

This is because our constituents also want a stable financial reporting platform and minor changes may not pass the cost-benefit test; processing even minor changes still consumes a significant amount of both constituents' time and the Board's time.

Please click to access the full article on the IASB website.

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