101 - Beyond the GAAP - 06-2016

“You have been living in a bit of a building site for much of
the last decade. However, the good news is that the majority
of the structural work is now complete. The heating and
plumbing systems are now in good shape.” With these words
Hans Hoogervorst described his impression of the progress
made in recent years at the start of the IFRS Foundation
Conference in Zurich.
On the eve of his second term of office as chairman of the
IASB, he outlined what will be the central theme of the next
five years: the development of IFRSs to provide ‘Better
Communication’.
The Disclosure Initiative and the materiality Practice
Statement are crucial to this objective. There will be further
work on the format of financial statements and performance
measurement, and on definitions for the most common
aggregates, such as operating income or EBIT.
There will also be a consideration of electronic reporting
needs, and the IASB will take a look at the role it should play
in non-financial reporting.
While the coming years are unlikely to be marked by projects
on the scale of those which have now been completed, they
should see more subtle changes to the standards, whose
importance should not be understated.
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