Isaacs spoke with ET's Nischelle Turner at the Producers Guild Awards on Saturday to discuss the Academy's plans for a more culturally integrated and representative membership, and what those plans entail.
"It means more inclusion. It means inviting in women, non-whites, more diverse group of filmmakers, international, young," Isaacs explained. "All that meet the criteria of the Academy."
After this year's Oscar nominations drew fire for a lack of diversity, Isaacs said that she was "heartbroken and frustrated about the lack of inclusion" among the nominees this year, and that it is "time for big changes."
Isaacs, who was elected as AMPAS president in 2013, is the first African American to hold the office.
Isaacs admitted to ET that she predicted the controversy was going to be a big story, but she had no idea how massive the backlash, which has included a subsequent call for an Oscars boycott from a number of high-profile celebrities.
"I knew it would be a story obviously, but wow!" Isaacs said. "It’s kind of like if you have a hit movie, but you don't really know how big the box office is going to be."