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To develop high-quality accounting standards, the International Accounting Standards Board (Board) seeks views from people interested in and affected by financial reporting. This engagement helps the Board to generate ideas and evaluate suggested solutions to accounting problems so that IFRS® Standards reflect the needs of the companies that use them when preparing their financial statements and of investors that use those financial statements when making investment decisions.
Thus, the Board gives stakeholders the opportunity to have their say multiple times during a standard-setting project’s life.
2020 is shaping up to be a busy year for consultations and calls for stakeholder views.
2020 consultations
The first major consultation document, already out for comment, proposes improving the way information is communicated in the financial statements, with a focus on financial performance. Exposure Draft General Presentation and Disclosures, which the Board published in December 2019 as part of its Primary Financial Statements project, is open for comment until 30 June 2020.
The Board plans to publish a number of important consultation documents this year, including a discussion paper in its Goodwill and Impairment project and an exposure draft in its Management Commentary project. Later this year, you will have an opportunity to help the Board decide on its global standard-setting priorities by contributing to the 2020 Agenda Consultation.
Stakeholders will also be invited to provide comments on more narrow-scoped proposed amendments, proposed updates to the IFRS Taxonomy and the IFRS Interpretations Committee’s tentative agenda decisions.
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