IASB Seeks Public Input on Direction of Future Work

The International Accounting Standards Board (IASB) is seeking public input on the strategic direction of its future work program.

Since the IASB’s creation in 2001, IFRS has increasingly become the internationally accepted financial reporting language. As the number of jurisdictions applying IFRSs increases, stakeholders have identified new accounting issues for the IASB to consider.

The consulting document published Tuesday asks open questions to gather views on the IASB’s future work program from all those involved in or affected by financial reporting. In particular, the IASB seeks feedback on how it should balance the development of financial reporting with the maintenance of IFRSs and—with consideration of time and resource constraints—those areas of financial reporting that should be given the highest priority for further improvement.

“Up until now, the agenda of the IASB has largely been determined by the need to support a first wave of jurisdictions adopting IFRSs and the completion of our program to improve IFRSs and align them with U.S. GAAP,” said IASB Chairman Hans Hoogervorst in a news release. “With this work largely completed, our attention can now turn to new issues that may require our attention. We seek your views to get the balance and the direction of our future work plan right.”

The IASB will accept comments on its future work program until Nov. 30. The “request for views” document is available at go.ifrs.org/agenda+consultation+2011+CLs.

The IASB and staff will hold an interactive webcast on the agenda consultation at 9 a.m. and 3 p.m. London time (4 a.m. and 10 a.m. EDT) on Aug. 3. To register, visit the meetings diary page on ifrs.org.

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