One of my responsibilities at CIMA is to formulate our policy to the many and varied developments in financial reporting. This predominantly relates to proposed changes to IFRS but also covers local GAAP.
Currently there are a number of ways in which CIMA members can assist with this process by providing practical insight on the proposed developments. The consultation database lists consultations that CIMA are proposing to respond to together with brief summaries of proposals, links to further information and an opportunity for members to comment. The consultation database can be accessed at www.cimaglobal.com/cdb
I also write a monthly summary of financial reporting developments for our electronic newsletter, Insight. September's edition of Insight is available at http://www.cimaglobal.com/cps/rde/xchg/live/root.xsl/Insight0515.htm. Again there is an opportunity for you to comment.
CIMA also has a Financial Reporting Development Group (FRDG) that provides input into our consultation response process. The group meets 3 or 4 times a year and the members of the group typically have a responsibility in their day-to-day work to maintain awareness of developments in financial reporting. The group comes together to share ideas, learn from others and influence CIMA policy based on their practical experience.
I have used CIMAsphere to highlight financial reporting developments and received some feedback from members and am now thinking of setting up a financial reporting development section for members able to provide comments on proposals from IASB and others. The group would be provided with summaries of new consultations and information on the direction of discussions at the IASB via CIMAsphere. In return members would be expected to provide comment on developments that are relevant to their areas of interest.
If you are interested in joining this new CIMAsphere group or would like further information on the established ways in which you can contribute to CIMA's consultation responses then please post a reply here or email me at firstname.lastname@example.org
If you have ever thought that some accounting requirements are impractical then remember you would have had the opportunity to point this out to the standard-setters before the rules were set. You do not need to go to the trouble of writing a full consultation submission, you can simply send your thoughts to CIMA and they will be explored and considered as we formulate our response.
I look forward to hearing from you.