To develop high-quality accounting standards, the IASB seeks views from people interested in and affected by financial reporting. This engagement helps the IASB to generate ideas and evaluate suggested solutions to accounting problems so that IFRS reflect the needs of the companies and of investors.
Thus, the IASB 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.
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. ED General Presentation and Disclosures, which the IASB published in December 2019 as part of its Primary Financial Statements project, is open for comment until 30 June 2020.
The IASB 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, stakeholders will have an opportunity to help the IASB 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.
Full press release on IASB
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