IFRS Foundation Annual Report Sets Out IASB Future Major Initiatives

The Accounting Policy & Practice Report ® provides financial accounting policy makers, advisors, and practitioners with the latest news, expert insights, and guidance on emerging, evolving, and complex accounting issues. Expert News & Commentary.

May 6 — An advisory panel to the International Accounting Standards Board in the coming years will track the board's efforts to gauge the impacts of proposed changes to international financial reporting standards.

The IFRS Foundation, IASB's parent group, said in its annual report published May 5 that the board's Due Process Oversight Committee would monitor the implementation of recommendations from the IASB's Effects Analysis Consultative Group.

The group's December 2014 report called on IASB to “assess and explain how general purpose financial reports are likely to change because of the new requirements, and why those changes will improve the quality of general purpose financial reports” (10 APPR 1107, 12/5/14).