The International Accounting Standards Board (the Board), which sets IFRS® Standards required in more than 120 countries, has today published the conclusions from its recent Agenda Consultation and its five-year work plan.
Listening to feedback from stakeholders, the Board has confirmed that a central theme for its activities until 2021 will be Better Communication in financial statements.
The Board aims to improve the communication effectiveness of financial statements by taking a fresh look at how financial information is presented and grouped together. It will also continue to enhance disclosures and–through the IFRS Taxonomy™–support the use of electronic reporting.
Other focus areas for the five-year period are:
- completing large projects–finalising the new insurance contracts Standard and the revision of the Conceptual Framework, both of which are expected to be issued in 2017;
- supporting implementation–continuing to develop support, including online support, for stakeholders' implementation of new IFRS Standards, and maintaining existing Standards effectively through the IFRS Interpretations Committee and post-implementation reviews; and
- focusing the research programme–reducing the number of research projects to enable stakeholders to engage in the Board's work more fully and to ensure timely completion.
A Feedback Statement summarising the Board's priorities and the feedback it received during the 2015 Agenda Consultation process can be found here.
The IASB’s Press Release can be accessed at www.ifrs.org.
2 November 2016