The International Financial Reporting Standards (IFRS) Foundation has published its Annual Report 2016, Better Communication in Financial Reporting (2016 Annual Report), for the year ended 31 December 2016.
The 2016 Annual Report provides an overview of the IFRS Foundation’s activities during the year and includes reports of associated entities, including the International Accounting Standards Board (IASB), the IFRS Advisory Council, the Due Process Oversight Committee (DPOC), and the Monitoring Board. The 2016 Annual Report also sets out the IFRS Foundation’s plans for 2017 and its longer term plans.
Notable activities for 2016 of the IFRS Foundation and its related entities included:
- The Trustees’ Review of Structure and Effectiveness: Feedback Statement on the July 2015 Request for Views
- Progress toward the G20 goal of global accounting standards
- Publication of the IASB Work Plan 2017-2021 (Feedback Statement on the 2015 Agenda Consultation)
- Release of International Financial Reporting Standards (IFRS) 16, Leases, and amendments to other standards, including International Accounting Standards (IAS) 7, Statement of Cash Flows, IFRS 15, Revenue from Contracts with Customers
- The Better Communication initiative that arose out of the Agenda Consultation.
The 2016 annual report also mentions:
- The expected release during 2017 of the new insurance contracts IFRS (now issued) and the revised IASB Conceptual Framework
- The expected publication of the Principles of Disclosure Discussion Paper
- The increased focus on support of implementation and application of IFRS Standards
- Increased transparency through making public the meetings of the DPOC
- Consideration of investors’ perspectives through the publication, Investors in Financial Reporting.
The 2016 Annual Report is available on this link.
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