Report on the April 2017 IFRS Advisory Council meeting

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Jun 13, 2017

On June 13, 2017, the International Accounting Standards Board (IASB) released a summary of the IFRS Advisory Council meeting held on April 4–5, 2017. Significant topics on the agenda included (1) financial stability and the IFRS Foundation, (2) wider corporate reporting, and (3) materiality.

The report — prepared by the Chair of the IFRS Advisory Council, Joanna Perry — notes the following discussions:

  • Financial stability and the IFRS Foundation — The presentation from the Secretary General of the Financial Stability Board and discussion related both to a macroeconomic perspective of financial stability and to the key role of financial reporting standards as a foundation of financial stability.
  • Wider corporate reporting — The Council advised that it should be acknowledged that wider corporate reporting is becoming more important and that there is a role for the Board in this area although that role is not yet clear.
  • Materiality — Advice on the communications strategy for the Materiality Practice Statement included that the Board should be cognizant of the significant extent to which financial statements are likely to require revision as a result of the practice statement and should consider the communications strategy as a promotion and marketing exercise.

The full report on the council’s April meeting is available on the IASB's website.

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