Basic policies

• Focus on serving those who have adopted or wish to adopt IFRS. Convergence is no longer a prime consideration.
• Retain the current objective of serving the reporting needs of capital market participants for profit-oriented entities.

Short- to medium-term objectives

• Provide a period of calm in issuing new standards to bed down the numerous new and revised standards coming into effect. Stand ready to assist in resolving implementation issues. Assess proposals for new standard-setting projects against strict selection criteria. Provide some capacity and flexibility to deal with unforeseen urgent issues without disrupting the work plan.
• Allocate significant resources to ensuring that the standards are interpreted and applied with an appropriate degree of consistency, and that they are producing the intended results. Post-implementation reviews become a significant activity.
• Expedite completion of the conceptual framework project and developing a disclosure framework.
• Monitor trends and developments that are likely to affect financial reporting in the future.

Interaction with constituents

• Manage the relationship between IFRS and IFRS for SMEs. The first periodic update of IFRS for SMEs will be particularly challenging because of the recent spate of new or revised standards.
• Continue and expand outreach activities with particular emphasis on users and emerging markets.