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Better communication in financial reporting: an IASB priority
The mission of the International Accounting Standards Board (the Board) is to bring transparency, accountability and efficiency to financial markets around the world. Therefor ‘Better Communication’ will be a central theme for the Board’s work in the coming years. The Board will not propose to cut back the information provided, nor to increase it dramatically. The objective is to make sure that companies use financial statements to tell their story better.
In setting its strategy and its work plan for carrying out that mission, the Board obtains valuable input by periodically carrying out public Agenda Consultations. The most recent Agenda Consultation involved:
issuing a formal consultation document in August 2015;
over 30 outreach events with a wide variety of stakeholders. These included an event hosted in Frankfurt by the accounting standard-setters of Germany (DRSC), Switzerland (FER) and Austria (AFRAC), and local discussion forums in Zurich; and
an online survey aimed at the investor community.
In November 2016, the Board reported on the feedback it received in the consultation, and how it had adjusted its work plan for the next few years as a result. That report is in a Feedback...