The European Financial Reporting Advisory Group (EFRAG) on May 20 issued a joint consultation document seeking input on the International Accounting Standard Board’s (IASB) future agenda and on its own future research projects.
By combining the two consultations, the priorities European constituents identify will also guide the selection of EFRAG’s own research projects to be undertaken from 2022 onwards – particularly if the IASB doesn’t select projects Europeans consider to be high priorities, EFRAG said in a statement.
Stakeholders are requested to give feedback in an online survey no later than September 17.
The IASB is requesting comment about the direction and balance of its activities, the criteria for identifying projects, and the selection of which financial reporting issues it should prioritize in its work plan for 2022 to 2026, EFRAG said.
In the draft comment letter in response to the IASB’s request for information, EFRAG advised the IASB to give the highest priority to:
- 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.
Some stakeholders may have limited time and resources available to respond to consultation, so EFRAG created an online survey to allow busy respondents to provide insight into stakeholder priorities, although it said it would prefer for each respondent to submit a detailed comment letter instead.
Be the first to comment