IFRS Foundation Chairman’s report

Date recorded:

Mr Michel Prada reviewed developments at the IFRS Foundation since the last formal interaction with the Monitoring Board in April 2013.

Mr Prada noted in particular that IFRSF Trustees had completed most of the implementation of their Strategy Review, the report of which was released in 2012.  He noted the establishment of the Accounting Standards Advisory Forum, the members of which were appointed shortly after the last joint meeting, as ‘an important reform.’

On funding, Mr Prada noted that the IFRS Foundation would be requesting formal assistance from the Monitoring Board with respect to securing funding from certain jurisdictions that had so far been unresponsive to solicitations from the Foundation.

Mr Prada noted the signing of a protocol with the International Organisation of Securities Commissions (IOSCO) to help ensure the consistent application of IFRSs internationally.  He noted that the protocol would complement the work being undertaken by the Foundation on understanding whether and how IFRSs were implemented in various jurisdictions (see: next section).

Mr Prada noted that an internal efficiency and operations review had been conducted during 2013.  Better cost controls and other improved processes had resulted from that review, and (in his view) the IFRS Foundation was ‘well organised and well run.’

Finally, he noted that, given that the Strategy Review had been completed in early 2012 and that there was a desire to coordinate the next strategic and operating review of the Foundation with the scheduled Monitoring Board and ASAF reviews, the Trustees were to consider at their meeting on 28 January 2014 a proposal to postpone the next full review of the IFRS Foundation such that it would be initiated (rather than concluded) in 2015.

Mr Kono noted that the Monitoring Board had followed closely and with interest matters related to the IFRS Foundation and had presented its advice and support where necessary and appropriate.  On funding the organisation in particular, the Monitoring Board would, in its role as representing public authorities with oversight responsibilities, provide assistance ‘formally and informally.’

There were no questions for Mr Prada.

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