IASB and EFRAG Urge Stakeholders to Participate in Key Survey on Intangibles Accounting
| 8 November 2024
The International Accounting Standards Board (IASB) recently launched two dedicated surveys aimed at gathering input on the accounting standards for intangible assets. The initiative includes one survey for investors and another for companies and other stakeholders, marking an important step toward refining the reporting standards for intangibles, such as intellectual property, software, and brand value. Recognizing the significance of this project for European stakeholders, the European Financial Reporting Advisory Group (EFRAG) is encouraging responses to the survey by the deadline of 30 November 2024. EFRAG also requests participants to detail insights on specific categories of intangible assets if applicable. Purpose and Focus of the Surveys EFRAG highlights the importance of addressing variations across intangible categories, noting that different types of intangibles may require tailored approaches. Background on EFRAG’s Research and Recommendations EFRAG has prioritized intangibles in its work program, beginning with its 2021 Discussion Paper, Better Information on Intangibles. This paper explored alternative reporting approaches for intangibles, receiving valuable stakeholder feedback. In April 2023, EFRAG published a Recommendations and Feedback Statement, suggesting the IASB should: Reassess IAS 38’s scope. Consider hybrid approaches, including recognition, measurement, and forward-looking expense information. Limit recognized intangibles to those meeting asset criteria. Reevaluate IAS 38’s recognition restrictions, and Explore exemptions for commercially sensitive information. Next Steps and Survey Deadline Stakeholders are encouraged to contribute to the survey before it closes on 30 November 2024. The IASB plans to review the results in early 2025, with feedback expected to guide future developments in intangible asset reporting. To find out more details please visit : https://www.efrag.org/ |