CPA Australia is calling on its members to participate in a survey that is expected to help inform the future direction of International Financial Reporting Standards (IFRS).
The accounting body, in alliance with the Australian Accounting Standards Board (AASB) and Malaysian Accounting Standards Board (MASB), seeks to gather insights on current accounting and financial reporting hurdles faced by professionals.
The International Accounting Standards Board (IASB), which develops IFRS accounting standards, will request feedback later in 2025, on the projects it should prioritise to improve IFRS.
The IASB, an independent body of experts with recent practical experience in setting accounting standards, preparing, auditing, or using financial reports, and accounting education, conducts this feedback process to shape its future agenda.
Every five years, the IASB requests input on the projects it should select for its upcoming five-year work cycle.
The latest initiative is part of preliminary research to gather views from the profession, which will then be considered in the development of the IASB’s strategy for the next period.
CPA Australia financial reporting lead Ram Subramanian said: “We’re working with the AASB and MASB to ensure the views of our members and the profession more broadly are represented at the international level, and we need to hear from individuals about the real-world practical challenges currently impacting 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 level of priority. The IASB has limited resources and to make the cut, we need to demonstrate a needs-based demand from a broad segment of survey 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 its next standard-setting cycle.”
In December 2024, IASB chairperson Andreas Barckow outlined the importance of IFRS in promoting transparency, trust, and competitiveness within 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 survey ” was originally created and published by The Accountant, a GlobalData owned brand.
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