Where should IASB go next? Consultation open on five-year plan
The International Accounting Standards Board (IASB) is seeking feedback on its priorities for the next five years – marking the third time it has consulted the public to create its work plan. If you have ideas about the future of reporting standards, the deadline for comments is 27 September 2021.
IASB is the independent body, overseen by the International Financial Reporting Standards (IFRS) Foundation, that develops and approves IFRS standards. It is seeking views on three areas: first, the strategic direction and balance of its activities – for example, how much time it should spend on developing new standards versus other activities, such as supporting the ongoing development of the IFRS Taxonomy, or the consistent application of existing standards. The consultation also asks which financial reporting issues the Board should prioritise and what its criteria should be for taking on new projects. The feedback received will help decide IASB’s activities for 2022-2026.
This consultation – focusing on IASB’s priorities within its current scope – is running in parallel with considerations by the IFRS Foundation of expanding its role and structure, including the establishment of a Sustainability Standards Board (SSB) alongside IASB.
Read more (and watch short videos) here.