IASB Agenda Consultation Gord Fowler, FCA Peter Martin, CA Rebecca Villmann, CA

Transcription

1 Gord Fowler, FCA Peter Martin, CA Rebecca Villmann, CA

2 IASB Request for Views, Agenda Consultation 2011 Issued in July for comment by November 30 Seeking stakeholder input on its strategic priorities and agenda areas Canadian views need to be heard 2

3 Agenda for today s webinar Summarize the IASB s Request for Views Background and context IASB s tentative view Timeline Outline preliminary AcSB thinking and solicit your input 3

4 IASB s Request for Views: Background and Context Important junction in IASB s history Start of a new phase chance for open discussion of what s next? Constitutional requirement to enhance public accountability legitimacy Outcome to provide important input to IASB s work plan 4

5 IASB s Request for Views: Background and Context IASB s agenda setting process 5

6 IASB s Request for Views: Aspects to Consider and Existing Tensions Three (3) key aspects shape their view on the agenda More diverse IFRS community More complex market environment Number of changes that require implementation Two (2) key tensions Demonstrate quality and relevance of IFRSs Danger of divergence in adoption 6

7 IASB s Request for Views: Overall Strategic Direction and Balance Develop financial reporting Strengthen consistency of IFRSs by completing the conceptual framework Invest in research strategic issues for financial reporting Fill gaps with standards-level projects./ 7

8 IASB s Request for Views: Overall Strategic Direction and Balance Maintain existing IFRSs Undertake post-implementation reviews Respond to implementation needs 8

9 IASB s Request for Views: Understand Financial Reporting Needs Listen to the needs of various different stakeholder groups Consider regional needs Review existing requests and currently deferred projects 9

10 IASB s Request for Views: Balancing Needs and Constraints Ability of stakeholders to respond to due process requirements and implement changes Resource constraints board time, staff, other resources Existing commitments Consider project scope, urgency and resources 10

11 IASB s Request for Views: What They Want To Know Your views on strategic direction and overall balance of its work Understanding global financial reporting needs What s important? Considering time and resource constraints, what are priorities, choices and consequences? 11

12 IASB s Request for Views: What s Next? 12

13 Possible Future Agenda Items: IASB s List Excludes currently active projects that will be finalized in 2012 revenue, financial instruments, leases, insurance contracts Also excludes committed work conceptual framework, post-implementation reviews, research on possible future topics, annual improvements, IFRS for SMEs Some capacity needed for narrow scope issues 13

14 Possible Future Agenda Items: IASB s List 23 items Some are deferred items now inactive Some are new topics raised with the IASB through its outreach activities Topics selected as board projects will be activated as resources permit 14

15 AcSB s Preliminary Thinking IASB s analysis basically sound, but.. Omits discussion of US situation Doesn t indicate how resource constraints would affect its plans Period of relative calm needed fewer big projects 15

16 AcSB s Preliminary Thinking: Top priorities Consistency and quality in application of existing standards Conceptual framework as a basis for future work Investing in research use of external resources Post-implementation reviews and effects studies Fill gaps in the standards rate-regulated activities extractive activities 16

17 Responding to IASB Send your views to IASB directly by November 30 Provide your input to inform the AcSB s response by October 24 Your views matter now is the time to provide input to the overall strategy of the IASB To find out how to participate, visit 17

18 Comments and questions 18