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2021 Consultation Paper
The Consultation Paper, published in January 2021 marked the first opportunity for stakeholders to contribute to the development of international financial reporting for the sector. It presented key questions, proposals, and alternatives for public input, and provided essential context for the project.
At 280 pages, the document was extensive—this short video offers a helpful introduction to its structure and content.
What was the outcome?
Members of the public were asked to provide feedback on a number of specific questions.
- The most important of these were about the use of international frameworks, the model for the development of guidance and the topics to be included.
- We received 88 responses (24 from organisations and 64 from individuals) from stakeholders in 33 countries across the globe, in the form of comment letters and surveys.
- The responses to the consultation paper can be accessed here, for Part 1 and Part 2.
The responses to all the questions were fully analysed and were used to inform the development of the Exposure Drafts.
Key questions
- We asked if international frameworks were the best place to start for developing the guidance.
- Respondents were of the view that this was a pragmatic approach given resource and time constraints.
- Some respondents preferred an entirely new framework or use of IPSAS.
• We sought feedback on using the IFRS for SMEs Accounting Standard supported by international and national frameworks as a model.
• Some respondents had some concerns with using a for-profit framework and sought further clarity.
- We asked for feedback on the NPO-specific issues identified and their prioritisation.
- Most respondents supported the topics identified.
- Some respondents identified additional topics and there was strong support for the inclusion of foreign currency translation.