EFRAG draft comment letter on the IASB's agenda consultation
20 May, 2021
The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB request for information asking for views on the strategic direction and balance of the IASB's activities, the criteria for identifying projects and which financial reporting issues it should prioritise.
In the draft comment letter, EFRAG considers that the priorities for the IASB should be to finalise the projects on its active work plan and conduct on a timely basis the planned post-implementation reviews of major standards.
EFRAG considered the 22 projects described in the request for information and also identified a number of additional possible projects. Overall, EFRAG believes that the following six projects should be given the highest priority by the IASB:
- Connecting financial and sustainability reporting, starting from climate-related financial implications;
- Crypto-assets and related transactions;
- Discontinued operations and disposal groups;
- Intangible assets;
- Statement of cash flows and related matters; and
- Variable and contingent consideration.
Comments on EFRAG's draft comment letter are requested by 17 September 2021. For more information, see the press release on the EFRAG website. The consultation document EFRAG has published also includes a consultation on EFRAG's own proactive research agenda. A podcast released on 27 July 2021 provides additional insights on EFRAG’s joint consultation on the IASB’s future agenda and EFRAG’s proactive research agenda.
