Objective of the Consultation
The IAASB undertook extensive public consultation to develop its
Strategy for 2015‒2019 (the Strategy) and
Work Plan for 2015‒2016 (the current Work Plan), including an initial survey to help understand the needs of stakeholders at that time.
In embarking on its plans for the five-year strategy period, the IAASB identified three strategic objectives for this period, based on input from its stakeholders, as a means for them to understand more broadly how their needs are being addressed in a changing environment.
[1] Respondents to the public consultation agreed with the IAASB’s focus, including that the right topics for the Work Plan had been identified, recognizing that many were quite complex and revised standards were not likely to be completed within the two-year period.
The IAASB’s extensive outreach in 2015 and 2016 indicates broad support for the Board’s current focus and actions. Some stakeholders have urged the IAASB to progress these standard-setting topics as quickly as possible. Accordingly, the IAASB and its
Consultative Advisory Group (CAG) generally believe that, absent a significant change in the external environment or a strong stakeholder view otherwise, the Board’s initiatives should continue, albeit they may need to be re-prioritized.
Having formed its views, the IAASB would like to hear from its stakeholders whether they agree. The objective of this consultation is therefore to:
- Solicit feedback whether the IAASB’s strategic objectives continue to be appropriate (Section I of this consultation).
- Obtain stakeholder views on the IAASB’s proposed Work Plan for 2017‒2018 (Section II of this consultation).
Feedback to this consultation will assist the Board in evaluating its priorities and allocating its resources in the best way possible, given the volunteer nature of the Board and staff complement.
Based on available current capacity and resources, it is unlikely that any significant new projects or initiatives can commence until at least 2018 without modifying the IAASB’s current work plan and planned timelines.
The accompanying
Supplement to the IAASB Strategy and Work Plan Consultation provides background information for those respondents who may not be familiar with the IAASB’s structure and processes and how it develops its work plans.
[1] In moving to a five-year strategy, the IAASB agreed with the Public Interest Oversight Board that it would undertake a mid-period reevaluation of its strategic objectives.