Agenda consultation 2020
Background
The IFRS Foundation Due Process Handbook requires the IASB to undertake a public consultation on its work programme every five years. The third Agenda consultation of the IASB was initiated in 2019 to determine of the Board's priorities for 2022-2026.
Current status of the project
The agenda consultation was concluded on 29 July 2022 by releasing a feedback statement.
On the three major areas consulted on, the following general messages were received:
- Strategic direction and balance of the IASB’s activities. Respondents generally supported the Board’s current strategic direction. They also indicated that the balance of the IASB’s activities is about right, however, there were calls for increasing the efforts on digital reporting and on understandability and accessibility of the standards. Therefore, the IASB will provide for a modest increase in these two areas.
- Criteria for assessing the priority of financial reporting issues that could be added to the IASB’s work plan. Almost all respondents agreed with the criteria proposed by the Board. Many noted that the criteria were well-balanced and adequate. Some suggested that the IASB rank the criteria or split them into essential and secondary criteria.
- Financial reporting issues that could be added to the IASB’s work plan. Most respondents rated potential projects on climate-related risks, cryptocurrencies and related transactions, and intangible assets as high priority. Also high on the list were going concern, pollutant pricing mechanisms, and the statement of cash flows and related. At the end of the list were potential projects on borrowing costs, commodity transactions, employee benefits, expenses — inventory and cost of sales, foreign currencies, government grants, negative interest rates and separate financial statements, inflation, and interim financial statements.
The IASB considered the feedback received and decided:
- to add to its work plan a maintenance and consistent application project on climate-related risks;
- to add to the research pipeline projects on:
- intangible assets; and
- the statement of cash flows and related matters;
- to create a reserve list of projects that could be added to the work plan only if additional capacity becomes available, which would include projects on:
- operating segments; and
- pollutant-pricing mechanisms; and
- not to add to its work plan projects on:
- cryptocurrencies and related transactions; or
- going concern disclosures.
Project milestones
Date | Development | Comments |
---|---|---|
September 2019 | Project first discussed by the IASB | |
30 March 2021 | Request for information published | Comments requested by 27 September 2021 |
29 July 2022 | Agenda consultation concluded by releasing a feedback statement |