2015 Agenda consultation — Feedback Statement topics and suggested responses — Agenda paper 24
The Board discussed in March 2016 the feedback received from the agenda consultation. The purpose of this session was for the staff to present the topics that should be covered by the 2015 Agenda Consultation: Feedback Statement. The Board was asked to comment on whether the staff has identified the key messages and on the proposed structure of the Feedback Statement.
The staff considers that the key messages received were:
- The completion of major projects such as leases (now completed), and Insurance, Disclosure Initiative and Conceptual Framework should be a high priority.
- The Board should prioritise projects that are important to users of financial statements.
- The Board should focus on its implementation activities rather than on new Standards level projects.
- The Board should provide implementation support for stakeholders on new Standards.
- The Board’s work on post-implementation reviews (PIRs) is welcome.
- The Board should not develop too many narrow-scope amendments.
- Any additional guidance should clarify principles rather than introduce complex rules.
- The Board should focus its maintenance activities on PIRs of recently issued Standards.
- If a number of issues arise on older Standards, the Board should carry out broader reviews of those Standards.
- Respondents expressed general support for an evidence-based approach to research.
- Some respondents did not understand the strategy, objectives, and processes of the research programme.
- The Board should focus on fewer research projects.
The staff also proposes to include the following information: a) the progress made by the Board in the last four years, b) outreach summary, c) the Board’s approach for setting the work plan, and d) detailed explanation of the four themes that shaped the work plan (i) need to complete the Insurance project and Conceptual Framework, (ii) promoting better communication, (iii) continued focus on implementation support, and (iv) the need for a more focused research programme.
The work plan at 20 July 2016 is included in Appendix A of the agenda paper. Appendix B includes other feedback received in the 2015 Agenda Consultation and the staff responses.
The staff indicates that the updated Feedback Statement will be presented to the October meeting of the Trustees for consideration. Following that meeting, the staff will ask the Board to approve the publication of the Feedback Statement.
The session was very brief and there was general agreement with the staff proposal.
During the discussion some members made some drafting suggestions and said that the feedback statement needs to address some mixed messages received (for example there were respondents that want fewer narrow scope amendments while others want more implementation activity. The Chairman noted that it would be important to carry out work on extractive industries and to mention in the Feedback Statement the need to work on price pollutant mechanisms. The staff was also asked to address specifically the concerns received from respondents related to the lack of clarity of the research programme.
One member pointed out that issues related to climate change will be addressed as new financial instruments are being created. It would be likely that the Interpretations Committee will have to address future issues as part of their role of supporting consistent application of the Standards.