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Notes from day 2 of the February 2013 IFRS Advisory Council meeting

  • IFRS Advisory Council (mid blue) Image

26 Feb 2013

The IFRS Advisory Council met in London on 25-26 February 2013. We have posted the Deloitte observer notes from the second day of the meeting. The discussions included a review of the Due Process handbook, an outlining of the IASB's XBRL initiative, high-level summary of the preliminary results of a survey on the use of IFRSs globally, an EFRAG presentation of the preliminary feedback analysis of the comments received on the its discussion paper on disclosure framework, recent IASB activities in disclosure framework, and limited amendments to IFRS 9.

The Council also expressed its concerns on the state of the Impairment project. There were mixed opinions on which direction the IASB should take in the development of its standard. Some council members were in favour of a converged solution with the FASB, while others wanted an IFRS issued to avoid further delay and have convergence efforts continue in parallel.

Please click to access the preliminary and unofficial notes taken by Deloitte observers during the first day of the meeting.

The next council meeting is on 10-11 June 2013 in London.

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