Responses to IASB Documents for Comment

Agenda Consultations

Request for Views – 2015 Agenda Consultation – August 2015

On December 21, 2015, the AcSB submitted a comment letter responding to the IASB’s Request for Views issued in August 2015. The letter strongly recommends that the IASB give the highest priority to maintaining and improving high-quality global standards. The IASB should dedicate a substantial portion of its resources to implementation needs, as they arise, specifically on the major standards that have been or will be issued shortly by the IASB. The letter also supports the continued work on the Conceptual Framework as it will provide a better tool that the IASB can use to maintain and develop standards and stakeholders can use when applying IFRSs. As well, the letter encourages work on the Disclosure Initiative be given a high priority. The letter also strongly recommends that the IASB provide a period of calm and refrain from requiring any additional significant standards be adopted in the foreseeable future with the exception of the upcoming leases and insurance contract standards. Read the AcSB letter posted by the IASB.

Request for Views – Agenda Consultation 2011-2012 – July 2011

On November 29, 2011, the AcSB submitted a comment letter responding to the IASB’s Request for Views issued in July 2011. The letter supports the view that the IASB should provide a period of calm and refrain from requiring any additional significant standards be adopted in the foreseeable future. The letter strongly recommends that the IASB give the highest priority to maintaining and improving the high quality of IFRSs. The IASB should dedicate a substantial portion of its resources to responding to implementation needs, as they arise, by providing interpretations and, when necessary, undertaking annual improvements and targeted, narrowly scoped projects to revise existing IFRSs. In order to provide a better tool for stakeholders to use when applying IFRSs, the letter recommends that the IASB should work on updating and improving its conceptual framework. The IASB can also use an updated framework to maintain and develop standards. The letter strongly encourages the IASB to work with the FASB and other standard setters on convergence in order to achieve the objective of one global set of high-quality accounting standards. The letter urges the IASB to address the diversity that is emerging in financial reporting by rate-regulated activities and proposes some specific recommendations on how the issue might be addressed. The AcSB letter posted by the IASB is available here.