The International Accounting Standards Board, which sets the International Financial Repoting Standards (IFRS), has published the conclusions from its recent 2015 Agenda Consultation and its five-year work plan.
Based on the feedback recieved from stakeholders, the Board confirmed that 'Better Communication' in financial statements will be the central theme for its activities until 2021.
The Board aims to improve the effectiveness of the communication of financial statements by examining how financial information is presented and grouped. It will also continue to enhance disclosures and support the use of electronic reporting through the IFRS Taxonomy – the global standard issued by the IFRS Foundation to mark up electronic IFRS financial statements.
Other Areas of the five-year period include:
The completion of large projects–finalising the new insurance contracts Standard and the revision of the Conceptual Framework, both set to be issued in 2017.
Supporting implementation– by continuing to develop support, including online support, for stakeholders’ implementation of new IFRS Standards, and maintaining existing Standards effectively through the reviews made by the IFRS Interpretations Committee and post-implementation reviews.
Focusing on the research programme– by reducing the number of research projects so stakeholders are able to more fully engage in the Board’s work and ensure a timely completion.
Hans Hoogervorst, chairman of the International Accounting Standards Board, said: "The 2015 Agenda Consultation has helped us develop a focused work plan for the next five years that will further improve financial reporting internationally and where Better Communication in financial statements will be a central theme."