The IFRS Foundation has recently issued its annual report for 2016 („Better Communication in Financial Reporting”) with a look ahead at where global standards are expected to go this year. The report also presents the most important projects set for completion by the IASB, especially the insurance contracts accounting standard and a revised Conceptual Framework. In addition to the long-awaited insurance standard, the IASB is also helping companies get ready for the lease accounting standard it introduced last year with the Financial Accounting Standards Board, which takes effect in 2019 for public companies.
To sum up, IASB chairman Hans Hoogervorst states: “In 2016, we made good progress in finalizing the remaining elements of this second phase, which includes the new insurance contracts standards and the revised Conceptual Framework. The Board completed all its deliberations on the new insurance contracts standard during 2016 and the technical staff carried out field testing to ensure the forthcoming standard is understandable and can be consistently applied. Both the new insurance contracts standard and the revised Conceptual Framework will be issued in 2017.”
You can find complete article from Accounting Today here and you can download the IFRS Foundation 2016 report.
About the IFRS Foundation
The IFRS Foundation is an independent, privately organised, not-for-profit organisation, operating to serve the public interest. The governance and due process are designed to keep the standard-setting independent from special interests while ensuring accountability to our stakeholders around the world. Its mission is to develop, through IASB (International Accounting Standards Board – the independent standard-setting body of the IFRS Foundation) IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world.
