IASB requests guidance on future work

GLOBAL STANDARD SETTERS the IASB have asked stakeholders for guidance on their future work plan, saying: “We seek your views to get the balance and the direction right.”

The public consultation comes a few months before the deadline for convergence with the US, when the world’s largest economy will decide whether to accept International Financial Reporting Standards, and by what process.

Newly arrived chairman Hans Hoogervorst (pictured) said: “Up until now, the agenda of the IASB has largely been determined by the need to support a first wave of jurisdictions adopting IFRS and the completion of our programme to improve IFRS and align them with US GAAP. With this work largely completed, our attention can now turn to new issues that may require our attention.”

Stakeholders are invited to comment on the ideal balance between the development of financial reporting with the maintenance of existing standards, as well as priority areas for further improvement.

Written feedback should be provided no later than 30 November, and an interactive consultation webcast will be held on 3 August.

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Fiona Westwood of Smith and Williamson.