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Report on the February 2016 IFRS Advisory Council meeting

  • IFRS AC meeting (mid blue) Image

11 Mar 2016

The IFRS Advisory Council met in London on 23–24 February 2016. Highlights of the meeting will be thorough discussions of the review of structure and effectiveness of the IFRS Foundation and of the future of corporate reporting.

The report, prepared by Chair of the IFRS Advisory Council Joanna Perry, notes the following dis­cus­sions:

  • IASB ac­tiv­i­ties — Members received a report of recent ac­tiv­i­ties and were congratulatory of the IASB bringing together implementation and education into one unit.
  • Trustee ac­tiv­i­ties — Members received an updated on the January Trustees meeting and were presented with the IFRS Foundation Strategy approved by the Trustees.
  • Post-implementation reviews strategy — Members discussed the primary objective of PIR and when a PIR would be necessary.
  • Review of the structure and ef­fec­tive­ness of the IFRS Foun­da­tion — Members discussed governance aspects of the review, which included:
    • Cautious approach to expanding the scope to include not-for-profit entities;
    • Appointments should remain flexible and a clear criteria should be developed to find the best person for the job;
    • Geographical diversity is important;
    • Little support to increase the size of the Board.
  • IFRS Foundation funding — The Council believed it is useful for members to have access to an Aide-Meoire and that there may be opportunities for additional funding from the public.
  • Corporate reporting — Members discussed consultation documents from the Federation of European Accountants and the Financial Stability Board and the Carbon Tracker Initiative on the implications of climate change in financial and corporate reporting, which included:
    • Wide support in this area;
    • Agreement with the FEE’s consultation on the ‘core and more’ approach;
    • Uncertainty on how to progress in a co-ordinary way;
    • Although not an urgent action, the Board should monitor developments.
  • Conceptual framework — Members provided advice related to the conceptual framework exposure draft.

The full report on the council’s February meeting is available on the IASB's website.

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