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December 19, 2012

IASB sets out future priorities

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."

Related link

International Accounting Standards Board

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