The Grant Thornton International Ltd. IFRS team has published a comment letter in response to the IASB's Request for Views – 2015 Agenda Consultation.
Every three years the IASB undertakes a public consultation to gather views on the strategic direction and balance of its work plan. More specifically, the consultation seeks feedback on whether the IASB has identified the right issues, and whether it has found the right balance between fundamental changes to IFRSs and minor, or incremental improvements.
In our comments we:
- indicate our general satisfaction with the mix of implementation support currently provided by the IASB and IFRS Interpretations Committee while acknowledging that we have some concerns about the number of subsequent amendments and clarifications that are currently being issued
- express support for the continuing role of Transition Resource Groups (TRGs) in responding to stakeholders' needs
- agree that the current pace of change delivered by the IASB work plan is generally appropriate and does, in general, reflect the urgency of each matter
- urge the Board to complete the Conceptual Framework project as soon as due process will allow
- provide our views as to the priority and urgency of each of the Board's existing research projects
- suggest that constituents will need a 'period of calm' following the implementation of new standards on revenue, financial instruments and leasing in 2018 and 2019
- encourage the Board to continue to draft principles-based Standards and to resist the temptation to draft increasingly detailed rules in response to requests for consistent application
We also indicate our support for increasing the length of time between formal Agenda Consultations from three to five years, noting that the Agenda Consultation process is not the only tool at the Board's disposal for initiating a change in direction when collective priorities shift.