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The IAIS is supportive of the two broad categories of strategic areas identified in the IASB’s Agenda Consultation, that is, developing financial reporting and maintaining existing IFRSs. The IAIS believes that both of these strategic directions are important and that the IASB should not develop financial reporting standards at the expense of maintaining existing IFRSs, and vice versa.
In general, the IAIS believes that the balance of these standards over the past couple of years has largely been correct, with development of new standards for insurance contracts and financial instruments being of particular importance. The IAIS believes that these major projects should remain the main focus of IASB until they have been completed, and that a period of calm will be important in order to meet the implementation challenges of the new standards arising from those projects.
The IAIS is also of the view that the proper and consistent application of IFRS is critical. Post-implementation reviews of IFRSs will provide a valuable means by which to ascertain whether issued standards are having the intended effect on behaviour. Where they are not, necessary changes should be made.