IFRS education initiative

Date recorded:

Mike Wells presented the Council an update on the IFRS Foundation Education Initiative’s ‘Five Year Plan’, noting that he had last presented to the Council in 2011. He noted that the Initiative is focused on meeting facing the implementation issues identified, in particular:

  • Mindset change: investor-focused reporting (not tax, not government statistics, not prudential regulation, not…)
  • Skillset change: make judgements and estimates to apply IFRS (principle-based standards)
  • Capacity issues: underdeveloped accounting profession in many jurisdictions

He reviewed progress against the Five Year Plan, noting in particular ‘Framework-based’ teaching, supporting teachers to develop their students’ ability to make IFRS judgements and estimates. He introduced some of the case studies that are used.

The session was primarily for information and no significant interventions were made.

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