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.

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 — 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.

This issue features:

• Views from Dennis Jullens, Lecturer at Rotterdam School of Management, Erasmus University and a Capital Markets Advisory member.
• A look at the amendments to IFRS 4 arising from the implementation of IFRS 9.
• An update on the IASB work plan.
• In­for­ma­tion on current events and investor feedback.

The Investor Update newslet­ter is available on the IASB’s website.

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.

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.

The IASB followed the reasoning of the staff that assuming IFRS 17 is issued in the first half of 2017, the 2021 effective date would allow 3.5 to 4 years from the issuance of IFRS 17 to the mandatory effective date. The Board also decided that an entity may apply IFRS 17 before January 1, 2021 but cannot do so unless it also applies IFRS 9, Financial Instruments and IFRS 15, Revenue from Contracts with Customers.

The 2021 effective date also means that entities applying the deferral approach, which permits an entity to apply IAS 39 rather than IFRS 9 for annual reporting periods beginning before January 1, 2021, can continue to do so right until the new insurance contract becomes mandatorily effective.

Review the Staff Paper on the IASB's website.

The Board of Trustees of the Financial Accounting Foundation (FAF) announced the reappointment of Russell G. Golden as Chairman of the Financial Accounting Standards Board (FASB). The Trustees have also announced the appointments of Marsha L. Hunt and Harold L. Monk Jr. as new board members of the FASB. Russell Golden began his term as the seventh chairman of the FASB in 2013. His first term as chairman extends to June 30, 2017, and his second and final term will conclude on June 30, 2020. Review the press release on the FASB's website.

At the US Securities and Exchange Commission (SEC), Chair Mary Jo White announced that she plans to leave the SEC at the end of the Obama Administration. Mary Jo White, who became the 31st Chair of the SEC in April 2013, has been one of the SEC’s longest serving Chairs. Review the press release on the SEC's 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.

• Information Needs of Users of New Zealand Capital Markets Entity Reports
• Rate-regulated Activities
• Conceptual Framework
• Definition of a Business
• Project Updates and Agenda Planning