With several major accounting and reporting announcements already being made in 2013, there are further changes on the horizon – and their impacts could be far-reaching.
Having published exposure drafts on two of its four major projects – financial instruments and leases – in the first half of 2013, the IASB has further proposals in the pipeline. An ED on insurance is coming later this month, while the fourth major project – revenue – has reached its final stage, and a standard is expected later this year.
Meanwhile, the accounting world is taking steps to achieve clearer communication with businesses’ stakeholders. Last month’s discussion paper from the IASB on financial reporting disclosures, and the current proposals for an Integrated Reporting Framework, are indicators of the future direction and focus of corporate reporting.
For the latest news and analysis on the IASB’s major projects, go to our IFRS Hot Topics page.
Read our publication The future of corporate reporting: towards a common vision for a deeper look at the issues under discussion.