CPA Australia urges members to have their say on IFRS improvements

CPA Australia is urging members to take part in a survey to help inform the future direction of International Financial Reporting Standards (IFRS).

Later this year, the International Accounting Standards Board (IASB) will ask for feedback on projects it should undertake to improve IFRS.

In partnership with the Australian Accounting Standards Board (AASB) and Malaysian Accounting Standards Board (MASB), CPA Australia is seeking views on the accounting and financial reporting challenges currently being experienced within the profession. 

It’s part of preliminary research to help inform the future work plan of the International Accounting Standards Board (IASB). Once every five years, the IASB seeks input on the projects it should select for its next five-year work cycle.

“The survey provides the opportunity to help influence the IASB’s direction for the next five years,” explained Ram Subramanian, CPA Australia’s Financial Reporting Lead. 

“We’re working with the AASB and MASB to ensure the views of our members and the profession more broadly are represented at the international level, and we need to hear from individuals about the real-world practical challenges currently impacting their working lives.

“The survey will ask participants to provide 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 need to demonstrate a needs-based demand from a broad segment of survey respondents. Your input as preparers, auditors and others involved in the financial reporting supply-chain will be critical in influencing the choices the IASB makes for its next standard-setting cycle.

“The survey should only take 15 minutes, but the outcome will be hugely valuable in helping to shape the strategic direction of the IASB, which will ultimately be impactful to the profession here in Australia, in Malaysia and around the world.”

The survey can be found here.

The horizons of corporate reporting are continuing to expand with climate and sustainability reporting practices taking hold. The well-established role of financial reporting plays a huge part in underpinning corporate disclosure and input into the survey will be valuable in shaping the role of financial reporting and its linkages to other emerging but equally important forms of corporate disclosure such as climate reporting.

Media contact

Simon Downes
External Affairs Lead 
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0401 461 503