02 November 2016
The International Accounting Standards Board (the Board), which sets IFRS Standards required in more than 120 countries, has today published the conclusions from its recent Agenda Consultation and its five-year work plan.
Listening to feedback from stakeholders, the Board has confirmed that a central theme for its activities until 2021 will be Better Communication in financial statements.
The Board aims to improve the communication effectiveness of financial statements by taking a fresh look at how financial information is presented and grouped together. It will also continue to enhance disclosures and–through the IFRS Taxonomy™–support the use of electronic reporting.
Other focus areas for the five-year period are:
Hans Hoogervorst, Chairman of the International Accounting Standards Board, said:
The 2015 Agenda Consultation has provided valuable input from a wide range of stakeholders around the world. It 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.
A Feedback Statement summarising the Board’s priorities and the feedback it received during the 2015 Agenda Consultation process can be found here.