IASB priorities shift toward digital reporting
The International Accounting Standards Board (IASB) continues to consider the feedback to its Third Agenda Consultation on its priorities for 2022-2026. It began discussions at its February 2022 meeting, and while it has thus far agreed to leave its activities largely unchanged we are pleased to note that it has decided to “slightly increase the current level of focus on digital financial reporting.”
This is a promising development, but we trust that it signals the beginning of a larger shift. IASB is the independent body, overseen by the International Financial Reporting Standards (IFRS) Foundation, that develops and approves IFRS standards, used in financial reporting around the world. We at XBRL International continue to encourage a substantial focus on digital reporting – and the incorporation of digital-first thinking in standards-setting activities across the board.
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