The International Accounting Standards Board (Board) has published a consultation document to seek views on what the Board’s priorities should be over the next five years.
This is the third time the Board has consulted the public via an agenda consultation to help create its five-year plan.
The Board is asking for views on the strategic direction and balance of its activities—for example, how much time it should spend on developing new IFRS Standards compared with that spent on its other activities, such as supporting consistent application of the Standards.
The Board is also seeking views on which financial reporting issues it should prioritise and on the criteria for adding projects to its work plan.
The feedback received will help the Board determine its activities and work plan for 2022 to 2026.
Some of the Board’s capacity during the period from 2022 to 2026 will be devoted to completing projects already underway and to post-implementation reviews that assess whether recently issued IFRS Standards are working as intended. However, the Board also expects to have capacity to take on some new projects.
Stakeholders can submit responses to the Request for Information in one of two ways:
- a comment letter; or
- the survey.
The Board would like broad stakeholder feedback before it makes decisions about its activities and work plan for 2022 to 2026. The Board recognises that some stakeholders may have limited time and resources available to respond to the Board’s consultation. So, it has made available an online survey. Although the survey responses are expected to provide valuable insight into stakeholder priorities, a comment letter remains the most complete form of response, since it includes both responses and detailed rationale for those responses. Stakeholders with the capacity to respond by comment letter are therefore still urged to do so. Comment letters are typically part of the public record.
The Request for Information was open for comment until 27 September 2021.
