SOCPA Shares its views on IASB's Five-Year Plane
The International Accounting Standards Board (IASB) published an Agenda Consultation and a Request for Information regarding its work plan for the next five years. The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by its Standards Committee, responded to the information request and shared its views on the plan. SOCPA believes that it is important for IASB when looking at investor's needs of information since it is an important criterion for the board, it is important to look at how a matter or process can affect various elements in financial statements and what is its effect on the fair presentation of financial statements, which is a main objective of the standards, as well as the importance of considering the needs of various sectors to the matter or process.
Taking into account the prioritization of the work of the board, SOCPA has proposed to IASB a number of projects of high priority, including the study of the principle of continuity and how to deal with the absence of this principle, and intangible assets and other comprehensive income reporting. SOCPA also suggested that IASB should look into how not-for-profit entities apply IFRSs, and the need for specialized standards that address the nature of these entities’ dealings, including the receipt of donations, the provision of non-reciprocal services, as well as dealing with endowments under their management.
You can read the International Accounting Standards Board document here.
and SOCPA's response here.