CPA Australia calls for member feedback on IFRS improvements

CPA Australia, along with the Australian Accounting Standards Board (AASB) and Malaysian Accounting Standards Board (MASB), are seeking views on the accounting and financial reporting challenges affecting the accounting profession as part of a survey.

The survey results will help inform the future work plan of the International Accounting Standards Board (IASB) and the future projects it should undertake to improve IFRS.

Once every five years, the IASB seeks input on the projects it should select for its next five-year work cycle, which will occur later this year.

CPA Australia financial reporting lead Ram Subramanian said the survey provides the opportunity to help influence the IASB’s direction for the next five years.

“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," Subramanian said.

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," Subramanian said.

"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."

Subramanian said the outcome of the survey would be hugely valuable in helping to shape the strategic direction of the IASB, which would ultimately impact the profession here in Australia, in Malaysia and worldwide.

The survey can be found here.

CPA Australia said the horizons of corporate reporting were expanding 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."