CA ANZ has responded to the AASB’s survey on how the AASB should prioritise its efforts for the next work program period (Phase 1).

Here are the top five topics we believe the AASB should add to its workplan:

1. Going concern disclosures: Enhancing disclosures when there’s uncertainty about an entity’s ability to continue operating.
2. Audit fee disclosures: Considering whether more transparency is needed in relation to the disclosure of audit and non-audit service fees.
3. A Conceptual Framework of principles to support sustainability reporting: Developing guiding principles for consistent, high-quality sustainability disclosures.
4. Materiality in financial reporting and sustainability reporting: Clarifying how to decide what information is important enough to disclose.
5. Australian-specific paragraphs included in Australian Accounting Standards: Reviewing whether Australia-specific additions to international standards are still relevant.

Phase 2 will be an Invitation to Comment, which the AASB anticipates issuing by the end of the year.