IFRS standard-setter must work closer with national bodies

The International Accounting Standards Board (IASB) is set to review its standard-setting processes and transparency approach following the publication of a 76-page report by the Effects Analysis Consultative Group which involved an in-depth investigation into the International Financial Reporting Standard (IFRS) standard-setting process

An IASB spokesman said: 'The IASB has already actioned many of the recommendations in the report. The introduction of a separate Effects Analysis Report will be implemented immediately, with the next new IFRS. This is expected to be the leases standard.

'We will also start to work on other improvements such as how we report our work though the project pages almost immediately.'

The report was commissioned as part of the IFRS Foundation's 2015 Trustees strategy review, which called for a probe into governance in 2012.

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