The Australian Accounting Standards Board (AASB) has called for comment to be incorporated into its response to the International Accounting Standards Board’s (IASB) Request for Views Agenda Consultation 2011.


The AASB says it is an opportunity for views to be conveyed to both the AASB and the IASB on future projects and priorities for global financial reporting standard setting. The call for comment is in line with the AASB’s policy of incorporating International Financial Reporting Standards (IFRSs) into Australian Accounting Standards.


The IASB has outlined three three key aspects that it believes should be reflected in its strategic approach towards a future agenda:


  • A more diverse IFRS community. Almost all major economies are using or have announced plans to converge with or adopt IFRSs; indeed, many more countries are about to join the IFRS community this year and next. As the IFRS community continues to grow it is also becoming more diverse and, as a result, new financial
    reporting issues may need consideration by the IASB.
  • A more complex market environment. Over the past ten years financial markets have become increasingly complex and new issues and challenges have emerged that may need consideration.
  • A number of changes that require implementation.  The IASB’s focus on convergence of US generally accepted accounting principles (GAAP) with IFRSs in accordance with its Memorandum of Understanding (MoU) with the US-based Financial Accounting Standards Board (FASB), the acceleration of projects in response to the financial crisis and the recommendations of the G20 group of countries has caused this level of work and pressure.

The AASB is seeking comment by 10 November 2011to will enable it to consider Australian comments in the process of formulating its own comments to the IASB, which are due by 30 November 2011.


The AASB’s Invitation to Comment ITC 25, which includes the IASB’s Request for Views Agenda Consultation 2011 is available here.