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Report of the IFRS Foundation Chairman

Date recorded:

Mr Michel Prada opened the meeting by welcoming formally two new Trustees attending their first Trustees’ meeting: Maria Helena Santana (Brazil) and Lynn Wood (Australia).

Mr Prada summarised the meeting on 27 January 2014 between the IFRS Foundation Trustees and the IFRSF Monitoring Board. He noted, in particular: the appointment of two new members of the Monitoring Board, the formal announcement of which was made on 28 January 2014.

Mr Prada noted also some of the topics discussed in various meetings of Trustees’ committees earlier. In particular, the funding initiative continues to develop as the Trustees seek an appropriate and stable balance between jurisdiction-specific contributions (based on GDP), support from the accounting profession (including firms beyond the major international audit networks), and self-generated resources. He noted that the Trustees were sensitive about the extent of self-generated resources, given the IFRS Foundation’s not-for-profit status and public interest purpose.

He also noted that the Trustees had held a discussion about the Trustees’ interaction with the IFRS Advisory Council. He noted the importance of the Council’s work and their advice to the Trustees and the IASB. The Trustees will consider this further at their meeting in April 2014. Mr Prada will, in the meantime, attend the February 2014 meeting of the Advisory Council, as usual.

A Trustee asked whether the data compiled by Dr Pacter as part of the IFRS Foundation’s study of the adoption of IFRSs around the world could be distilled into a ‘single number’, whether percent of global GDP, number of adopting jurisdictions or percent of global market capitalisation, etc? Dr Pacter suggested that this could be done relatively easily and undertook to compile the relevant data.

There were no further questions.

IASB Chairman’s report

Mr Prada noted that, since Mr Hoogervorst had made a presentation to the IFRS Foundation Monitoring Board on 27 January 2014, there would be no formal presentation from him at this meeting.

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