The plan was firmed up following a recent consultation with stakeholders, who called for swifter action on completing outstanding standards, including the revised IFRS 4 Insurance Contracts, which should be a high priority.

It was also clear from the responses that reporters stress the importance of ensuring that International Financial Reporting Standards (IFRS) remain principles-based.

The failure to complete the work on the Conceptual Framework in a timely manner also raised concerns. Stakeholders stated that ‘the completion of the revised Conceptual Framework should be a high priority because it is fundamental to developing high-quality, consistent standards based on clear principles’.

In tune with a desire from company reporters to reduce the excessive number of new standards released over the last three years, including IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases, the IASB does not plan to announce any further major standards releases in the next five years.

The standard setter has committed to finish two outstanding projects, including finalising the new insurance contracts standard, which needs a major overhaul in light of the introduction of IFRS 9, which is set to be issued by mid 2017.

It has also committed to refocus efforts on issuing a revised Conceptual Framework by mid-2017, which has been a long-running saga for the IASB. It restarted work on the Conceptual Framework in September 2012 but this has stalled following release of an exposure draft in 2015, which was not implemented. Now the plan is to issue a revised Conceptual Framework in the first half of 2017. This will be followed by some post-issuance activities focused on education, through to 2018.

IASB will also focus on the clarity and quality of information in financial statements and is taking a fresh look at how financial information is presented and grouped together.  As part of this initiative, the disclosure initiative will also be completed.

Creating a more focused approach to research will also be an important objective moving forward. It will reduce the number of research projects it conducts to allow more stakeholders to get involved in projects and reduce mission creep and a lack of focus.

On a more general support level, it will continue to develop online tools and webinars, for stakeholders’ to support the implementation of new IFRS Standards, and maintain existing standards effectively through the IFRS Interpretations Committee and post-implementation reviews.

Hans Hoogervorst, chairman of the International Accounting Standards Board, said: ‘The 2015 Agenda Consultation has provided valuable input from a wide range of stakeholders around the world. It has helped us develop a focused work plan for the next five years that will further improve financial reporting internationally and where Better Communication in financial statements will be a central theme.’

The IASB Work Plan 2017-2021 Feedback Statement on the 2015 Agenda Consultation is available here