• Service: Audit, IFRS
  • Date: 9/26/2013

Shaping the future of IFRS 

Recently, there has been much discussion about whether global accounting standards are still fit for purpose. The IASB’s commitment to revise its Conceptual Framework is therefore well-timed to address concerns about IFRS, including the growing complexity in financial reporting.

Although the IASB’s consultation on the Conceptual Framework may not affect businesses immediately, it could significantly affect IFRS in the future. The consultation seeks input on a number of topics, including the following key areas:

 - how the balance sheet may change;
 - how the performance statement(s) may change; and
 - how disclosures may change.

Once it is finalised, the revised Conceptual Framework would hold out the prospect of a set of internally consistent accounting standards, and a faster, less controversial process for producing new standards.

This is a welcome opportunity for stakeholders from every part of the financial reporting chain to offer their views to the IASB, which should not be missed. Comments are due to the IASB by 14 January 2014.

Shaping the future of IFRS (2013/16)

Feature image
This In the Headlines examines some of the discussion around the IASB's commitment to revise its Conceptual Framework to address concerns about IFRS.

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