"I was a peripheral visionary. I could see the future, but only way off to the side." – Steven Wright
Coincident with its new strategic priorities, the IASB has been doing some forward thinking about what its agenda priorities should be after it completes its existing projects (see "IFRS in the Pipeline"). This has been preceded by an unprecedented level of consultation with constituents, something that is itself a new feature of the IASB's standard setting processes.
Reacting to concerns constituents expressed about standards overload, the Board adopted a new attitude in developing its agenda priorities, one best summed up by its Chair in a recent speech as "Fix what needs fixing and no more". (As a motto, not quite as catchy as "No wine before its time", perhaps, but not bad.) The result is that the Board has decided to consider adding only three standards-level projects to its agenda – rate regulated enterprises (see our earlier discussion); applying the equity method in separate financial statement of the investor; and improving existing IFRS on agriculture. That's it, at least for new standards... but there are a few other initiatives as well:
Hosting a public forum to assess strategies for improving the quality of financial...