IASB Vice-Chair discusses impact of new IFRS Standards and enhancing the communication of financial information

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05 Dec 2017

At the 2017 AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C., IASB Vice-Chair Sue Lloyd gave a speech on IASB’s developments in the standard-setting process as well as its upcoming focus on improving communication effectiveness in financial statements and wider corporate reporting.

Ms Lloyd started by recapping some of the major standards finalised in the past few years, which include IFRS 9, Financial Instruments, IFRS 15, Revenue From Contracts With Customers, IFRS 16, Leases, and IFRS 17, Insurance Contracts. She noted that for some of these standards, the IASB worked closely with the FASB to develop comparable guidance where possible. In addition, she discussed how the Interpretations Committee and the implementation groups play a key role to gather information about issues in practice related to application of accounting guidance.

Next, Ms Lloyd commented that one of the objectives the IASB has for the next five years is to improve communication effectiveness. She explained that this area of work is broken into three parts: (1) improving performance reporting, (2) improving the effectiveness of financial statement disclosures, and (3) enhancing content with the use of electronic tagging (IFRS Taxonomy).

Lastly, she mentioned that the IASB has added a project to its work plan on wider corporate reporting, which will investigate what information is useful to investors that goes beyond the traditional financial statement.

The full transcript of the speech is available on the IASB’s website.

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