Agenda consultation 2015



The IFRS Foundation Due Process Handbook requires the IASB to undertake a public consultation on its work programme every three years. The first agenda consultation was launched in 2011 with a final Feedback Statement: Agenda Consultation 2011 published in December 2012. Accordingly, a second agenda consultation began in 2015. The time period affected by the results of the consultation is the IASB work programme from mid-2016 to mid-2020.


Current status of the project

The agenda consultation was concluded on 2 November 2016 by releasing a feedback statement.

As the IASB's agenda already was very full as a result of the 2011 agenda consultation, the 2015 agenda consultation process was not as detailed as the previous process was. Nevertheless, the IASB identified four clear messages to inform its work programme 2017-2021:

  • Completion of the remaining standard-setting projects. As in the agenda consultation 2011, stakeholders strongly called for the completion of the remaining major projects. At the launch of the agenda consultation these were leases, insurance contracts, and the Conceptual Framework. Leases has by now been concluded, the IASB notes that it will make the other two projects top priorities. Respondents have also stressed that it is important that IFRSs continue to be principle-based.
  • Better communication in financial reporting. "Better communication" is the theme IASB Chairman Hans Hoogervorst has chosen for his second term. Under this theme he summarises such projects as the disclosure initative and the primary financial statements project that receive wide support. In this context, respondents noted that the Board should prioritise projects that are important to users of financial statements.
  • Continued development of implementation support. Under this heading the IASB discusses improved support for stakeholders when they are implementing new IFRSs but also the fact that stakeholders have requested that the Board should focus on fewer standard-setting projects to allow stakeholders to focus on implementing recently issued standards. Respondents also noted that the Board should not develop too many narrow-scope amendments and suggested that many of the minor amendments the Board has issued in the past could easily have been included in omnibus annual improvements or (if regarding the same standard) in a broader review of that standard. Generally, post-implementation reviews are considered helpful.
  • A more focused research programme. Given the limitations of the 2015 agenda consultation, the research programme was the main focus. Although respondents expressed general support for an evidence-based approach to setting standards, many were confused about the strategy, objectives, and processes of the research programme or the relationship between research and the Board’s other technical activities. They also noted that the Board seemed to have too many research projects on its agenda. The Board has taken first steps to focus his research programme and the feedback statement offers a detailed description of the objective, the processes, and the criteria applied in the research programme.

As part of the agenda consultation, the IASB also asked respondents whether a three-yearly agenda consultation process was appropriate in view of the fact that the time frame for developing and issuing standards is a long one. The IASB proposed that a five year interval between agenda consultations is more appropriate than the three year interval currently required. Respondents supported this approach, and the Due Process Handbook was already amended accordingly in June 2016.


Project milestones

Date Development Comments
11 August 2015 'Request for Views' document published Comments requested by 31 December 2015
2 November 2016 Feedback statement published Conclusion of agenda consultation

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