CPA Australia is calling on its members to take part in a survey that is expected to help determine the future direction of International Financial Reporting Standards (IFRS).
The accounting body, in collaboration with the Australian Accounting Standards Board (AASB) and the Malaysian Accounting Standards Board (MASB), seeks to gather insights on the current accounting and financial reporting hurdles faced by professionals.
The International Accounting Standards Board (IASB), which develops the IFRS accounting standards, will seek feedback later in 2025 on which projects it should prioritize to improve IFRS.
The IASB, an independent body of experts with recent practical experience in accounting standard setting, the preparation, auditing or use of financial reports and accounting education, is conducting this feedback process to shape its future agenda give.
Every five years, the IASB requests input on which projects it should select for the next five-year work cycle.
The latest initiative is part of a preliminary study to gather insights from the profession, which will then feed into the development of the IASB’s strategy for the next period.
Ram Subramanian, CPA Australia’s head of financial reporting, said: “We are working with the AASB and MASB to ensure the views of our members and the profession are more broadly represented internationally, and we need to hear from individuals about the real world practical challenges that currently impact their working lives.
“The survey will ask participants to provide their recommendations on various topics related to the IASB’s future work plan and to rank their priority level. The IASB has limited resources and to implement the cuts we must demonstrate needs-based demand from a broad segment of respondents. Your input as preparers, auditors and others involved in the financial reporting supply chain will be critical in influencing the choices the IASB makes for the next standard-setting cycle.”
In December 2024, IASB Chairman Andreas Barckow outlined the importance of IFRS in promoting transparency, trust and competitiveness in global financial markets.
His speech at the EFRAG conference focused on the introduction of IFRS 18, which aims to improve the consistency and clarity of financial reporting in line with evolving economic realities.
“CPA Australia Urges Members to Contribute to IFRS Research” was originally created and published by The Accountant, a brand owned by GlobalData.
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