The International Accounting Standards Board (IASB) has launched a critical stakeholder survey as part of its comprehensive review of accounting standards for intangible assets. Investors, companies, auditors, and other interested parties are urged to participate.
This initiative stems from the IASB’s project, initiated earlier this year, aimed at evaluating the continued suitability of the existing guidance in IAS 38 (SFRS(I) 1-38) Intangible Assets for contemporary business environments. The board seeks to determine whether updates to the standard are necessary to reflect evolving practices, particularly concerning assets like intellectual property, brand value, and technology.
Survey Objectives & Mechanics:
- The brief survey (approximately 20 minutes) is designed to help the IASB pinpoint the most significant reporting challenges related to intangible assets.
- It will directly inform the project’s scope and shape the approach for developing potential improvements to the standard.
- Participation is open until 30 November 2024.
- The IASB strongly encourages input from a broad range of stakeholders, emphasizing the importance of investor and preparer perspectives.
Feedback gathered through the survey will be analyzed and discussed by the IASB during a public board meeting scheduled for early 2025. This input is crucial for determining the future direction of the intangible assets project.
Stakeholders can access the survey and contribute their views via the official IFRS Foundation website. This consultation represents a significant opportunity to influence the future of financial reporting for a critical class of modern business assets.
Source: IFRS Foundation, 31 October 2024.