Results of the ASCG survey on the IASB agenda consultation

The ASCG has analysed the feedback from the online survey conducted from 15 June to 15 August 2021 to accompany the IASB agenda consultation (we reported). A summary of the analysis can be found here (in German/ in English).

A main finding is that the IASB’s criteria for standard setting were generally perceived as correctly selected, but that the cost-benefit contraint should be taken into account as an additional aspect.

With regard to the planning of the IASB’s future work plan (Appendix B), the following three IFRS projects were given the highest priority by the survey participants:

• Climate-related risks (IAS 1, IAS 36)
• Cryptocurrencies and related transactions
• Intangible assets (IAS 38)

Among the IASB’s other project proposals (Appendix C), there were calls in particular for standardisation of the concept of cost and a revision of the rules on impairment, the latter also in the context of goodwill.

Other comments from survey participants, in view of the high frequency of IASB consultations and standard amendments, highlighted the limited resources among preparers and expressed the desire for coordinated standardisation for financial vs. non-financial reporting topics.

“On behalf of the ASCG, I would like to express my sincere thanks to all participants in our online survey on the IASB agenda consultation. It gives us an insight into the current views in Germany and also makes an important contribution to our own deliberations in the technical committees”, commented ASCG Vice President Prof Dr  Sven Morich on the evaluation of the questionnaire.