The IFRS Foundation, the group that oversees the International Accounting Standards Board and its work on International Financial Reporting Standards, issued its annual report for 2016 on Tuesday, with a look ahead at where global standards are expected to go this year.
The report discusses the major projects set for completion by the IASB, especially the insurance contracts accounting standard and a revised Conceptual Framework.
The foundation has also committed to increased transparency in the governance process by making public the meetings of the trustees’ Due Process Oversight Committee. The report also includes a section with an investor’s perspective from Mitch Reznick of Hermess Investment Management discussing the IASB’s Investors in Financial Reporting program.
In addition to the long-awaited insurance standard, the IASB is also helping companies get ready for the lease accounting standard it introduced last year with the Financial Accounting Standards Board, which takes effect in 2019 for public companies.
“IFRS 16 Leases brings all leases onto the balance sheet and will provide investors with a more accurate picture of a company’s liabilities,” said IASB chairman Hans Hoogervorst. “In 2016, we made good progress in finalizing the remaining elements of this second phase, which includes the new insurance contracts standards and the revised Conceptual Framework. The Board completed all its deliberations on the new insurance contracts standard during 2016 and the technical staff carried out field testing to ensure the forthcoming standard is understandable and can be consistently applied. Both the new insurance contracts standard and the revised Conceptual Framework will be issued in 2017.”
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