Date posted: 30/11/2021

2021 Chartered Accountants IFRS Survey

Almost three-quarters of more than 750 Chartered Accountants indicated that reporting sustainability information was already important in their roles.

In brief

  • CAs believe a mandatory reporting framework and independent assurance will improve confidence in sustainability information
  • CAs want to see a shift away from big new standards towards making the existing standards simpler and more understandable and promoting digital reporting
  • The impact of adopting the big three new accounting standards has grown since 2020 and COVID-19 continues to affect reporting, mainly estimates and judgments, but is slightly less challenging than 2020

This is the second year CA ANZ has surveyed Chartered Accountants on various aspects of reporting. This report presents the findings of this quantitative research, which is designed to understand member views and the impacts of IFRS and related reporting. 

Demand for information on sustainability and climate-related changes is increasing globally, with investors, regulators and the profession reaching towards enhanced reporting. Many Chartered Accountants say it is already integral in the context of their roles. 

However, their confidence would increase if the information presented was prepared in accordance with agreed standards and subject to independent external assurance.

With the International Accounting Standards Board (IASB) developing its work plan for the next five years, we asked what the IASB should focus on. 

Chartered Accountants expressed an overall desire to shift away from developing major new standards and amendments towards making the existing standards simpler, more understandable and promoting digital reporting.  

This year, we were able to ask some of the same questions we asked last year and begin to do some trend analysis. The global pandemic continues to pose major challenges for reporting and auditing under IFRS, although slightly less so than the previous year. On the contrary, the impact of the new financial instruments, revenue and leases standards, both individually and in aggregate, is more significant than the prior year.  

CA ANZ actively engages with Chartered Accountants to ensure they are informed about the recent and forthcoming financial reporting proposals and initiatives, and that their views are represented to the local and international standard-setting bodies. 

These survey findings will be used by CA ANZ to engage with and advocate to standard setters effectively on behalf of members.

2020 Chartered Accountants IFRS Survey

Read last years’ report

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