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IASB Agenda Consultation 2011


In July 2011, IASB issued Agenda Consultation 2011 ('the Request'). The Request seeks constituents' views on the overall strategic direction and balance of IASB's agenda for the following three years.

The Request identifies five strategic areas driving the work of the IASB. These are grouped into two categories: the development of financial reporting and the maintenance of the existing IFRSs.

The Request asks constituents whether they agree with these categories and the five strategic areas and how they should be balanced over the next three years.

The Request then lists some activities and projects that the IASB will have to undertake because it is already committed or required to do so, including enhancing the Conceptual Framework. The Request finally includes a list of projects that have previously been added to the agenda but subsequently deferred. Constituents are asked what they see as the most pressing financial reporting needs for standard-setting action from the IASB and what projects should be included on the agenda.

EFRAG submitted its comment letter in response to the Request for views on 5 December 2011.

In the comment letter EFRAG recommended the IASB to:
  • Bring all four main projects (Financial Instruments, Insurance Contracts, Leases and Revenue Recognition) to a close as a first priority.
  • Ensure a 'period of calm' after the finalisation of the main projects to allow issuers and all involved in the application and in enforcement of IFRS compliant financial statements to focus on implementation to ensure the consistency and quality of application of existing IFRS.
  • Focus during the period of calm on:
    • the Conceptual Framework high priority parts (that is, first and foremost, performance reporting; disclosure framework, and also, definitions of elements; measurement guidelines);
    • post-implementation reviews and other research activities that help prepare evidence based agenda proposals;
    • projects where there is an urgent need and/or a solution is likely to improve financial reporting.

EFRAG further advised the IASB to:
  • Consult on evidence based fully developed agenda proposals;
  • Limit the number of projects to be included on the IASB's agenda.
  • Bring more useful and more relevant information through high quality financial reporting standards to all those who rely on IFRS compliant financial reporting should be the overriding objective when agenda decisions and standard setting developments are made.

During EFRAG's consultation period, EFRAG has perfromed a series of outreach events. EFRAG issued a feedback statements from those events.

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