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Summary of the IFRS Foundation Trustees’ meeting in February 2015

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  • IFRS - Meeting Image

Feb 11, 2015

On February 11, 2015, the Trustees of the IFRS Foundation have released a report summarizing its meeting held in Zurich, Switzerland on February 2-3, 2015. The Trustees are responsible for the governance and oversight of the International Accounting Standards Board (IASB).

Meeting activities included:

  • Executive session - (1) The Trustees and the Monitoring Board updated each other on (a) progress made in implementing the 2012 IFRS Foundation governance report, (b) strategic planning, (c) governance developments, (d) use of IFRS, and (e) IFRS Foundation financial situation and funding. (2) The Trustees agreed to four goals in the context of a Strategic Plan 2015-17 and reviewed a ‘mission statement’ draft. (3) An update was given on the review of the ASAF and the IFRS Foundation’s structure and effectiveness, as well as steps taken following its self-evaluation exercise and jurisdictional funding contributions. (4) SEC Chief Accountant Jim Schnurr provided an update on the consideration of the use of IFRS in the United States.
  • Report of the Chair of the IASB - Chairman Hans Hoogervorst provided the Trustees with an update on the IASB’s activities concerning the revenue standard, IFRS 9, the technical agenda for 2015, insurance contracts, and the conceptual framework project.
  • Report of the Chairman of the Due Process Oversight Committee - The Due Process Oversight Committee reported on its recent activities.
  • Regional outreach activity - As part of the Trustees’ meeting, the IFRS Foundation hosted a joint event with the Treuhand-Kammer, the Swiss Institute of Certified Accountants and Tax Experts, to exchange views on IFRS in Europe.

The full summary of con­clu­sions of the IFRS Foun­da­tion Trustees' meeting is avail­able on the IASB's Web site.

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