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IFRS Foundation Strategy Review


In November 2010, the IFRS Foundation issued a public consultation paper to seek the advice of the stakeholder community in order to obtain input for its ongoing strategy review. EFRAG succesfully requested an extension of the deadline for public comments.

EFRAG issued its Draft Comment Letter for public consultation in December 2011. Based on the 12 comment letters received EFRAG developed its Final Comment Letter which was submitted to the IFRS Foundation early March 2011.

In its letter EFRAG provides a series of recommendations addressing public policy objectives: the independence of the standard-setting process including observations on agenda setting; the need to define who users legitimately are; the convergence of external and internal financial reporting; changes to standards; the balance between complexity and understandability; the need for an evidence- based standard-setting process; and convergence.

EFRAG has issued a separate letter with recommendations addressing shorter-term concerns in relation to the current work programme of the IASB. EFRAG welcomed the delay of the June deadline to the end of 2011 for the convergence projects as announced by the IASB and FASB.

The IFRS Foundation published for public consultation at the end of April 2011 its preliminary conclusions of the Trustees' Stragegy Review as a next stage in the strategy review process.
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