Date posted: 15/12/2020 4 min read

Members have their say in IFRS survey

Members responded in the IFRS survey to the new standards, along with the anticipated impact of some of the forthcoming standards and pronouncements

The IFRS survey was designed to gauge member views on the impact of the recently implemented new accounting standards, along with the anticipated impact from some of the forthcoming standards and pronouncements.

Our Member Insights Panel completed this survey in September 2020 with a sample size of 752 respondents from practice, corporate, education, government and NFP sectors.

The survey presents the findings of quantitative research with members from Chartered Accountants Australia and New Zealand (CA ANZ) and other industry professionals, all of whom have a role interacting with financial statements.

The findings will allow CA ANZ to engage with and advocate standard setters on behalf of members about changes to accounting standards.

The need for the survey

The economic and regulatory environment has evolved significantly over the past few years due to investor and stakeholder expectations resulting in new standards and pronouncements including the most recent standards on revenue recognition, leases and financial instruments. The standard setting ecosystem is continuously evolving to improve transparency, consistency and communication of financial information to investors and other key stakeholders.

CA ANZ actively engages with Chartered Accountants internationally, ensuring 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. 

What the survey told us

  • The recently implemented financial reporting standards have improved the quality of financial information but did require significant management efforts including changes in financial systems and processes to generate relevant information.  
  • The upcoming financial reporting proposals, in general, enhance the quality of disclosures and provide better information to investors.  
  • Impacts of the pandemic reiterated the importance of providing transparent disclosures about management’s use of significant estimates and judgements in preparing financial reports.  
  • New Zealand respondents support that large companies should be required to publicly file their financial statements annually and should be required to have their financial statements audited annually.

Next steps

The survey findings will be used by CA ANZ to engage with and advocate standard setters on behalf of members about changes to accounting standards. We have covered relevant extracts from the survey to advocate with international standard setters on the upcoming new standards.