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Report on the February 2015 IFRS Advisory Council meeting

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  • IFRS - Meeting Image

Mar 18, 2015

On March 18, 2015, the International Accounting Standards Board published a report on the IFRS Advisory Council meeting held in London on February 23-24, 2015. The main non-standing topics for discussion were the 2015 Agenda Consultation, a consideration of the opportunities for the IFRS Foundation arising from the risks identified in the October 2014 meeting, the Accounting Standards Advisory Forum (ASAF) review and further discussion on the future of Corporate Reporting, in particular the Global Reporting Initiative. The Council also considered the latest developments on the Revenue Transition Resource Group, the strategy for IFRS Foundation MOUs and the Education Initiative strategy.

Highlights from the meeting include:

  • ASAF review. The Council members were supportive of the continuation of ASAF. However, there were mixed views within the Council about making ASAF a mandatory part of the IASB due process. There were no fixed views on the size of ASAF and no fixed views on the question of how and when rotation of members of ASAF might occur. Council members were of mixed views regarding the inclusion of non-IFRS adopters as members of ASAF.
  • Revenue Transition Resource Group The preference of the Council is that the IASB and FASB do not diverge, nevertheless, members believe that while convergence is important, it is not so at all costs. Members also consider timeliness and certainty to be of essence, uncertainty (including about potential clarifications) should be avoided. The Council believes that it is imperative that the principles in IFRS 15 are not compromised.
  • Agenda consultation 2015. While recognising the need to complete the major projects currently in progress, Council members felt that the consultation should also seek views on the consistent application of existing standards. Feedback should also be sought on the extent of the current research agenda and whether it may need to be streamlined. In addition, Council members felt that narrow scope amendments (use of, number of projects) should be raised as a topic in the consultation. Members also felt that the future of corporate reporting and the question of convergence should be built into the consultation.
  • Global Reporting Initiative. Council members discussed the role and process of GRI itself and GRI's role in the wider corporate reporting environment. The Council reiterated that the IASB must stay at the forefront of such discussions as they are very important to ensure the future relevance of the IASB's work.

The next meeting of the IFRS Advisory Council is scheduled for June 9-10, 2015 in London.

The full report on the IFRS Advisory Council meeting is available on the IASB website.

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