The International Accounting Standards Board (IASB) has set out its future priorities on the back of a public consultation it conducted.
The consultation included public discussions, meetings with investors and online discussions and involved thousands of interested parties.
The five broad themes emerged from the consultation include:
- Respondents asked for a period of relative calm after a decade of almost continuous change;
- There was almost unanimous support for the IASB to prioritise work on the Conceptual Framework, which would provide a consistent and practical basis for standard setting;
- The IASB was asked to make targeted improvements to respond to the needs of new adopters of IFRSs;
- The IASB should pay more attention to the implementation and maintenance of standards; and,
- Respondents said the IASB needed to improve the way in which it develops new standards, by conducting more rigorous cost-benefit analysis and problem definition earlier in the standard-setting process.
IASB chairman Hans Hoogervorst thanked participants of the consultation and said "today we set out a new set of priorities, a new way of developing of standards, and new methods to deepen co-operation with the global standard-setting community."