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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS.

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Presentation on theme: "International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS."— Presentation transcript:

1 International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation. © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. Agenda consultation Amaro Gomes Board Member March 2012

2 Agenda Agenda consultation Feedback received Group discussions: –strategic areas –prioritising agenda items Time-line Effect on the Boards activities? 2

3 Develop reporting conceptual framework disclosure framework research more projects – if so, which ones? Maintain existing IFRSs implementation assistance post-implementation reviews develop interpretations annual improvements narrow, targeted amendments to IFRSs We asked what we should focus on 3

4 The agenda consultation process Unique opportunity –2005: focus on European, Australian, New Zealand adoption –then: completion of US MoU and –response to financial crisis The Request for Views was published in July 2011; the comment period ended 30 November 2011 The Board discussed the comment letter analysis and messages received from investors at the January 2012 Board meeting 4

5 Respondents - by geography 5 RegionNumberPercentage Europe Asia and Oceania North America International176.9 South America93.7 Africa41.6 Total We value responses from a wider range of jurisdictions

6 Respondents by type 6 TypeNumberPercentage Preparers Auditors & firms Standard-setters Regulators156.1 Investors145.7 Individuals124.9 Actuaries52.1 Charities & NGOs41.6 Academics20.8 Total245100

7 Key messages received Complete 4 current projects (priority) Emphasize maintenance of IFRSs Develop the conceptual framework, including a disclosure framework Period of calm Future: less ambitious agenda Use wider range of resources: eg. national standard setters 7

8 Nov 2011 Q Board publish their agenda setting strategies Outreach activities Feedback statement published Start of Board discussions Publication of comment summary July 2011 Publication of Request for Views on the agenda End of consultation period Q IIIIIIIIIIIIIII 8 Time-line Results feed into the Boards work plan and agenda setting process

9 Effect on the Boards activities? This is a one-off opportunity for the Board –a deliberative process; not just reactive There are interdependencies between the strategies and may be scope for fuller integration –framework links with all topics and projects –research used to assess the need and define problems Time to ask - How can we work more effectively? –better use of Board time –make better use of external research –collaborate with other standard-setters –IFRS Interpretations Committee 9

10 Questions or comments? Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation. 10


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