The IMA Financial Reporting Committee (FRC or Committee) issued a comment letter in response to the International Accounting Standards Board (IASB or Board) Request for Information: Third Agenda Consultation (Consultation).
The objective of the IASB’s request is to obtain feedback from stakeholders on its standard-setting and organizational priorities with a five-year horizon. More specifically, the Consultation seeks stakeholder perspectives on the following:
- The strategic direction and balance of the Board’s activities
- The appropriate criteria for assessing and prioritizing financial reporting matters on the IASB’s workplan
- Emerging or new financial reporting matters that the Board may consider.
In its response, the FRC states that in its view, the Board’s planned level of focus on various activities, as expressed in the Consultation, is reasonable. With respect to specifics, the FRC encourages the IASB’s continued efforts to align with the FASB on converged standards and to update IFRS to minimize differences with US GAAP. The FRC also requests that the IASB prioritize its attention to cryptocurrencies.
The FRC’s letter identifies areas that the Committee views as medium or low level priorities either because (1) fundamental change is unnecessary or (2) the issues are not readily solvable by standard-setting.