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Report from February 2015 IFRS Foundation Trustees meeting

  • IFRS Trustees meeting (blue) Image

11 Feb 2015

The Trustees of the IFRS Foundation have released a report summarising its meeting held in Zurich, Switzerland on 2-3 February 2015.

Topics discussed at the meeting included the following:

Report of the Trustees’ Ex­ec­u­tive session

  • Monitoring board meeting — The Trustees and the Monitoring Board updated each other on (1) progress made in implementing the 2012 IFRS Foundation governance report, (2) strategic planning, (3) governance developments, (4) use of IFRS, and (5) IFRS Foundation financial situation and funding.
  • Executive session — The Trustees agreed to four goals in the context of a Strategic Plan 2015-17 and reviewed a ‘mission statement’ draft. In addition, an update was given on the review of the ASAF and the IFRS Foundation’s structure and effectiveness, as well as steps taken following its self-evaluation exercise and jurisdictional funding contributions. Further, SEC Chief Accountant Jim Schnurr provided an update on the consideration of the use of IFRS in the United States.

Report of the Chair of the IASB

Chairman Hans Hoogervorst pro­vided the Trustees with an update on the IASB’s ac­tiv­i­ties concerning the revenue standard, IFRS 9, the technical agenda for 2015, insurance contracts, and the conceptual framework project.

Report of the Chair­man of the Due Process Over­sight Com­mit­tee

The Due Process Over­sight Com­mit­tee re­ported on its recent ac­tiv­i­ties. See our related news item on this report.

Re­gional out­reach ac­tiv­ity

As part of the Trustees’ meeting, the IFRS Foun­da­tion hosted a joint event with the Treuhand-Kammer, the Swiss Institute of Certified Accountants and Tax Experts, to ex­change views on IFRS in Europe.

The full summary of con­clu­sions of the IFRS Foun­da­tion Trustees' meeting is avail­able on the IASB's Web site.

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