"I was a peripheral visionary. I could see the future,
but only way off to the side." – Steven
Coincident with its new strategic priorities, the IASB has been
doing some forward thinking about what its agenda priorities should
be after it completes its existing projects (see "IFRS in the
Pipeline"). This has been preceded by an unprecedented level
of consultation with constituents, something that is itself a new
feature of the IASB's standard setting processes.
Reacting to concerns constituents expressed about standards
overload, the Board adopted a new attitude in developing its agenda
priorities, one best summed up by its Chair in a recent speech as
"Fix what needs fixing and no more". (As a motto, not
quite as catchy as "No wine before its time", perhaps,
but not bad.) The result is that the Board has decided to consider
adding only three standards-level projects to its agenda
– rate regulated enterprises (see our earlier
discussion); applying the equity method in separate financial
statement of the investor; and improving existing IFRS on
agriculture. That's it, at least for new standards... but there
are a few other initiatives as well:
Hosting a public forum to assess strategies for improving the
quality of financial reporting disclosures within the framework of
Reactivating its project to re-examine basic financial
Initiating a staff research program focusing initially on
discount rates, the equity method of accounting, extractive
industries/intangible assets/R&D, financial instruments with
characteristics of equity, foreign currency translation,
non-financial liabilities, and financial reporting in highinflation
and hyper-inflationary economies. Also, recommencing research on
emissions trading schemes and business combinations under common
Establishing a consultative group to assist the IASB with
matters relating to Shariah law.
The idea behind separating the research function from the
standard setting one is to limit to the scope and sharpen the focus
of the standards-level projects.
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