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The IASB published its Request for Views (RfV) 2015 Agenda Consultation in August 2015 with a comment deadline of 31 December 2015 to gather views on the strategic direction and balance of its work plan and whether three years is the appropriate period between future Agenda Consultations.
In relation to IASB’s Research activities, EFRAG is pleased that the IASB has adopted and implemented the evidence based standard setting approach EFRAG recommended in response to the 2011 Agenda Consultation. However EFRAG lacks visibility and understanding of the objectives the IASB pursues with its research programme and on the type of problem each project aims at solving. Providing a classification by identification of the main goal for each project would be a useful step forward.
In EFRAG’s view, Post-implementation Reviews should now be regarded as a useful tool in IASB’s Research activities, helping identify what works and what is in need for improvement in current practice, regardless of the date at which a standard has been issued. Standards who keep IFRIC busy with many interpretation or clarification requests tend to qualify as candidates for Post-Implementation Reviews. At the time a Post-Implementation Review is completed, the IASB should communicate on its action plan to provide improvement where needed and discuss the level of priority the related standard setting efforts should receive.
Also EFRAG believes that the IASB in its research activities should build on the work of other organisations and create synergies. Leveraging on the substantial work of EFRAG and other regional and national accounting standards bodies related to standard level and research projects and also on topics not on the IASB current agenda would allow the IASB to move faster.