Date posted: 08/10/2021

Submission on IASB’s Request for Information – Third Agenda Consultation

CA ANZ submission to the IASB’s Request for Information – Third Agenda Consultation.

The IASB undertakes public consultation on its activities and its work plan every five years. The primary objective of the agenda consultation is to seek formal public input on the strategic direction and balance of the Board’s work plan.

In formulating our response, we drew upon the results of the 2021 Chartered Accountants IFRS survey, canvassing more than 750 Chartered Accountants and industry professionals, including financial statement preparers, auditors, directors, and users of financial statements. 

Overall, we are supportive of the IASB’s proposed focuses but recommend the IASB decrease its current proposed level of focus on developing new IFRS Standards and major amendments to IFRS Standards with most of the efforts in this area being allocated to the post-implementation review of IFRS 9, 15 and particularly IFRS 16. This would provide the IASB with greater capacity to put towards digital financial reporting and improving the understandability and accessibility of the standards. 

In terms of the potential projects the IASB suggested – the top priorities were climate, cryptocurrencies, intangibles and going concern. In addition we suggested two further projects – impairment and disclosure of fees paid to the external auditor.