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Request for Views: 2015 Agenda Consultation

The IASB’s Trustees’ (the IFRS Foundation) Due Process Handbook requires the IASB to undertake a public consultation on its work plan every three years. The IASB started its first Agenda Consultation in 2011 and in response to that Agenda Consultation, the IASB has since introduced a research programme and devoted more resources to maintenance and implementation projects

This Request for Views is the IASB’s second Agenda Consultation. It aims to gather views on the strategic direction and balance of its work plan and priorities of mid-2016 to mid-2020. The IASB has identified five categories of projects that it expects to work on during the period covered by this Agenda Consultation, namely the research programme, the Standards-level programme, the Conceptual Framework, the Disclosure Initiative and maintenance and implementation projects.

In this regard, the IASB is requesting for views on the following matters to help it to correctly identify the right issues, and to strike the right balance between fundamental improvements to IFRS versus fine-tuning the Standards to keep them fit for purpose:

(a) resource allocation - what factors should the IASB consider in deciding how much of its resources should be allocated to each of the five categories?

(b) research programme - should the IASB add or remove any projects and which research projects should be given a lower priority to create the capacity for the IASB to make progress on project(s) that are relatively more important and urgent?

(c) current work plan for major projects - any other matters that the IASB should consider?

(d) maintenance and implementation projects - are the IASB and the Interpretations Committee providing the right mix of implementation support to meet stakeholders’ needs and is that support sufficient?

(e) level of change - does the IASB’s work plan as a whole deliver change at the right pace and at a level of detail that is appropriate to principle-based standard-setting?

(f) frequency of Agenda Consultation - because of the time needed to complete individual major projects, does a five year interval between Agenda Consultations is more appropriate than the three year interval currently required?

The MASB encourages all those interested in financial reporting to provide feedback from the Malaysia’s perspective.

The IASB, in response to the MASB’s research and comments during the first Agenda Consultation in 2011 (coupled with support from constituents in other jurisdictions), had established a consultative group on Shariah-Compliant Instruments and Transactions in 2013 and issued Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) in 2014.

To download the Exposure Draft, click here