CPA Australia is asking on its members to take part in a survey that is predicted to assist inform the long run 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 collect 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 enhance 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 newest initiative is an element of preliminary research to collect views from the career, which can then be considered in the event of the IASB’s strategy for the subsequent period.
CPA Australia financial reporting lead Ram Subramanian said: “We’re working with the AASB and MASB to make sure the views of our members and the career more broadly are represented on the international level, and we want to listen to from individuals concerning the real-world practical challenges currently impacting their working lives.
“The survey will ask participants to supply 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 want to display a needs-based demand from a broad segment of survey respondents. Your input as preparers, auditors and others involved within the financial reporting supply-chain shall be critical in influencing the alternatives 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 inside global financial markets.
His speech on the EFRAG Conference focused on the introduction of IFRS 18, which goals to enhance the consistency and clarity of monetary reporting according to 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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