20/05/2021 - EFRAG’s joint consultation on the IASB’s future agenda and on EFRAG’s proactive research agenda
EFRAG is issuing a joint consultation document seeking input on:
Its draft comment letter in response to the IASB’s request for information (RFI) on its agenda consultation; and
EFRAG’s own proactive research agenda.
By combining the two consultations, EFRAG expects that the priorities identified by European constituents will also inform the selection of EFRAG's own proactive research projects to be undertaken from 2022 onwards; in particular if projects considered to be high priorities are not selected by the IASB for its 2022-2026 work plan.
Stakeholders can provide inputs about project priorities by way of an online survey (the link to the online survey will be provided in a separate news items). The link to the online survey will be provided in a separate news items.
Comments are requested no later than 17 September 2021.
The IASB is asking for views on the strategic direction and balance of its activities, the criteria for identifying projects and which financial reporting issues it should prioritise. The feedback received will help the IASB determine its activities and work plan for 2022 to 2026.
EFRAG is combining its consultation on its response to the IASB’s RFI with its own proactive research agenda consultation to foster synergies
In the draft comment letter in response to the IASB’s request for information, EFRAG considers that the priorities for the IASB should be to finalise the projects on its active work plan and conduct on a timely basis the planned Post-implementation Reviews of major standards.
EFRAG assigned priorities to the 22 projects described in the RFI and identifies a number of additional high priority projects. Overall, EFRAG has assessed that the following six projects should be given the highest priority by the IASB (projects are presented in alphabetical order):
- Connecting financial and sustainability reporting, starting from climate-related financial implications;
- Crypto-assets and related transactions;
- Discontinued operations and disposal groups;
- Intangible assets;
- Statement of cash flows and related matters; and
- Variable and contingent consideration.
EFRAG also strongly encourages the IASB, in its proactive research activities, to continue to build on the work of other organisations and create synergies. Leveraging on the substantial work of EFRAG and other regional and national accounting standards bodies related to standard level and research projects and also on topics not on the IASB’s current agenda would allow the IASB to move faster.
In establishing its own future proactive research agenda, EFRAG will consider projects identified by constituents as important for the IASB's work plan and projects identified as particularly suitable for an EFRAG proactive research project.
The joint consultation document can be found here. Comments are requested no later than 17 September 2021.
EFRAG recognises that some stakeholders may have limited time and resources available to respond to consultation. So, we will make available an online survey to allow respondents to provide insight into stakeholder priorities. However, a comment letter remains the most complete form of response, since it includes both responses and detailed rationale for those responses. Therefore, stakeholders with the capacity to respond by comment letter are invited to do so.
