Changes to the work plan include:

Standard-setting and related projects

• Disclosure initiative: materiality practice statement — the issuance of the practice statement is now expected after 6 months.

Narrow-scope amendments and IFRIC Interpretations

• Property, plant and equipment: proceeds before intended use (proposed amendments to IAS 16) — the issuance of an exposure draft is now expect within 6 months.
• Uncertainty over income tax treatments — the issuance of an IFRIC Interpretation is now expected within 6 months.

Agenda consultation

• IASB Work Plan 2017–2021: Feedback statement on the 2015 Agenda Consultation was added to the work plan.

The revised IASB work plan is available on the IASB's website.

The main changes are:

• a reduction in the number of Board members from 16 to 14, which is the number of members the Board has been operating with for a while;
• amendments to the geographical distribution of Board members and Trustees; and
• amendments to Board members’ and Trustees’ professional background requirements.

Review the document outlining the feedback received to the consultation on the constitutional changes, together with the changes made, and a stand-alone updated version of the Constitution, which is effective December 1, 2016 on the IASB's website.

In the Request for Views pubished in August 2015 the Board asked broad questions on the balance of its activities, its research programme, its standard-setting projects, its maintenance activities and implementation support, the level and pace of change, and the frequency of its agenda consultations. The Board received 119 comment letters. Main respondent groups were preparers and industry organizations (31%), standard-setters (23%), and auditors and accounting bodies (22%). 49% of responses were from Europe and and 23% from Asia and Oceania.

Given the responses on the research programme - that research itself was supported but the structure and processes were unclear and that there were too many research projects on the agenda - the Board decided to refocus it research programme. It has abandoned the former categories of long-term and short-term research projects and it does no longer distinguish between the assessment phase of a project and the development phase.

In April and May 2016, the IASB discussed all research projects on the agenda and assessed each of it against the feedback received in the agenda consultation. As a result, the Board decided to:

• retain eight projects on the research programme, including two that were nearing completion, and develop them actively as a priority;
• transfer the remaining four projects to a newly created research pipeline; and
• do no further work on four topics.

The Board also added to its research pipeline a further four topics, newly identified in the 2015 consultation. Projects in the pipeline will not become active immediately, however, when sufficient capacity becomes available, these projects will be taken up. It is expected that work on these projects can be started before the next agenda consultation.

The current situation is:

Please click for the following documents on the IASB's Web site:

• Press release
• Feedback statement
• Short video with an overview of the IASB's key priorities

King III called on organizations to prepare an integrated report each year which would reflect the appreciation that strategy, risk, performance and sustainability are inseparable. This resulted in the founding of the Integrated Reporting Committee (IRC) of South Africa to develop a framework for an integrated report. This framework later fed into the development of the International Framework released by the International Integrated Reporting Council (IIRC) in 2013. The release of King IV now closes the circle as it references the International Framework underpinned by the same thinking and terminology. The King IV Report can be accessed here.

The presentation of these suggested approaches to stakeholders provided structure for some of the discussions about the scope of the project. The suggested approaches were not presented as solutions researched in detail.

Review the Staff Paper on the IASB's website.

Hans Hoogervorst, Chairman of the IASB, delivered the opening address. He emphasized the importance of a good relationship between national standard-setters throughout the world and the IASB and stressed that the national standard-setters had important role to play with regard to implementation issues and connecting to local/regional constituents.

The following topics were discussed:

• Future of IFASS (Part 1)
• Professional Judgement and “Terms of Likelihood” under IFRS
• Optional Session: Improvements to IAS 7 Statement of Cash Flows
• Future of IFASS (Part 2)
• Towards a Framework for Corporate Reporting
• Outreaches on IAS 26 and IFRS 13
• Rate-regulated activities: The first part of this session was based on a paper currently under preparation by the Accounting Standards Board of Canada (AcSB). The reactions of participants were multi-faceted, they also provided information on the circumstances in their jurisdictions.
• Not-for-profit-reporting
• Public sector reporting

Review the full report on the IFASS' website.

Meeting ac­tiv­i­ties included the following:

• Executive session — The Trustees discussed a number of important strategic issues:
  • Feedback on the Constitutional review — The Trustees review feedback on the Exposure Draft IFRS Foundation Review of Structure and Effectiveness: Amendments to the Constitution and made conclusions on 10 proposals.  
  • Agenda con­sul­ta­tion — The Trustees were updated on the progress on the Board’s Agenda Con­sul­ta­tion and the near-final draft of the 2015 agenda consultation feedback statement.
  • Pre­sen­ta­tion on IFRS in India — The Trustees received a pre­sen­ta­tion on the status of IFRSs in India and the development of Indian Accounting Standards.
  • Other issues — The Trustees discussed progress on the Foundation’s new website, the UK referendum on leaving the EU, intellectual property, fundraising activities in the USA, developments in Asia-Oceania, and the preparations for the Trustees’ next meeting in January 2017.
  • Committee reports — The Trustees discussed reports from the Due Process Oversight Committee, Audit and Finance Committee, the Human Capital Committee, and the Nom­i­nat­ing Committee.
• IASB Chairman’s report — The Chair of the IASB provided the Trustees with an update on a number of the IASB’s technical ac­tiv­i­ties, agenda consultation, IFRS 9 endorsement, and other issues.
• Events in Delhi — The Institute of Chartered Accountants of India (ICAI) hosted a stakeholder event with the Trustees.

The full report on the IFRS Foun­da­tion trustees’ meeting is available on the IASB’s website.

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

• Scope of the Primary Financial Statements research project — The Members of the Council agreed that there is a tension between flexibility and comparability and although they supported providing more guidance, they warned against that guidance being too descriptive. Alternative performance measures were also discussed.
• Implementation support for the new insurance contracts standard — The Members of the Council agreed that the use of a transition resource group is appropriate; however all of the available tools for implementation support should be used.
• Key performance indicators for the IFRS Foundation — The Members of the Council considered and provided advice in relation to potential key performance indicators that could be used by the IFRS Foundation to monitor certain aspects of its work.
• Implications of the Brexit for the IFRS Foundation — The Members of the Council agreed that although there is a lot of uncertainty, there are no immediate matters that the IFRS Foundation needs to address.

The full report on the council’s October/November meeting is available on the IASB's website.

Mr. Schnurr began his tenure in October 2014, but suffered injuries from a serious bicycle accident in April 2016. Before joining the SEC staff, Mr. Schnurr had retired from Deloitte LLP, where he was vice chairman and senior professional practice director and specialized in financial and SEC reporting for public companies. He was a senior partner for mergers and acquisition services from 1994 to 2002 and a deputy managing partner of the firm’s professional practice from 2002 to 2009 where he was responsible for quality control and risk management of the firm’s audit and advisory services.

Mr. Bricker assumed the role of interim chief accountant in July 2016.

For more information, see the press releases on Mr. Schnurr’s retirement and Mr. Bricker’s appointment on the SEC’s Web site.

The report includes staff recommendations on the following topics:

• Core company business information
• Company performance, financial information, and future prospects
• Management and certain security holders
• Corporate governance
• Registration statement and prospectus provisions
• Exhibits
• Manner of delivery recommendations

Review the report on the SEC’s website.