Have you responded to the IFRS Foundation Trustees’ Review of Structure and Effectiveness?

Posted
15 October, 2015

If not, we would encourage you to do so and the consultation closes on 30 November 2015. A link to the consultation can be found here. The paper sets out the IASB’s current participation in initiatives that embrace wider corporate reporting, including its membership of the IIRC Council and the Corporate Reporting Dialogue in paragraphs 26 to 28.

Question two asks, “Do you agree with the proposal that the IASB should play an active role in developments in wider corporate reporting through the cooperation outlined above?”

The IIRC agrees with the approach laid out in paragraph 26-29. Our view is clear. The traditional boundary of financial reporting has expanded and, to maintain trust and confidence in the relevance and effectiveness of the reporting eco-system as a whole, it is vital that institutions across the corporate reporting landscape cooperate to give the market certainty and maintain the integrity of corporate reporting globally.

We therefore believe it is right for the IASB to continue its connection to wider developments in corporate reporting through its involvement in the IIRC and its continued participation in the Corporate Reporting Dialogue. We believe this strengthens the quality and relevance of financial reporting, while also bringing much needed clarity to the corporate reporting landscape as a whole.

The IIRC looks forward to building our already strong relationship with IASB in the spirit of our Memorandum of Understanding, and collaborating further through the Corporate Reporting Dialogue.