The International Accounting Standards Board has released its five-year work plan for International Financial Reporting Standards, with a focus on completing its insurance contracts standard and revising its conceptual framework.
The IASB anticipates issuing both documents next year. The board is also aiming for “better communication” in financial statements as a central theme in its standard-setting over the next five years.
The IASB issued an agenda consultation last year to gauge feedback on what should go in the future work plan for IFRS. “The 2015 Agenda Consultation has provided valuable input from a wide range of stakeholders around the world,” said IASB chairman Hans Hoogervorst in a statement. “It has helped us develop a focused work plan for the next five years that will further improve financial reporting internationally and where Better Communication in financial statements will be a central theme.”
The IASB said it also plans to continue to provide support, including online, for implementation of new IFRS standards. It will also maintain its existing standards through the IFRS Interpretations Committee and post-implementation reviews. In contrast, the IASB intends to reduce the number of research projects to allow its stakeholders to engage in the IASB’s work “more fully and to ensure timely completion.”
A video overview of the IASB’s main priorities in the plan has been posted here.
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