The objective of the report is to “to explain to public sector leaders and their teams how integrated thinking and reporting can help the sector consider how to make the most of resources, encourage the right behaviours and demonstrate to stakeholders how they are achieving the strategy and creating value over the short and longer term”.  

The guide outlines the fundamental concepts underpinning <IR> and provides case studies to demonstrate how <IR>is used in a practical context.  It indicates that those that have adopted <IR>, including many in the public sector, have identified a number of benefits including: 

• An increased understanding of performance and value creation at a number of levels including leadership, employee and stakeholder.
• Improvements in decision making to deliver sustainable outcomes due to improved management information.
• Increased understanding of strategy by financial providers

Further practical guidance on the implementation of the <IR> Framework in the public sector will be made available by CIPFA in 2017.  For those public sector organisations wishing to learn more about <IR> and integrated thinking the Public Sector Pioneer Network is available.

The guide is available on the CIPFA website.

As stated in our comments on the June 2016 proposals, we

• support the proposal to have three geographical regions to be used throughout the IFRS Foundation when determining the distribution of Trustees and the IASB and other appointments;
• disagree with the proposal to reduce the size of the IASB from 16 to 13 members;
• do not support reducing the number of meetings of the Advisory Council from three meetings per year to two; and
• encourage the IFRS Foundation Trustees to act much more as a body of non-executive directors.

Please click to access the full comment letter.

Following a distinguished career at the FASB, Mr Upton joined the IASB in 2001 and was, at different times, Research Director, Chair of the IFRS Interpretations Committee, Chair of the Emerging Economies Group, and Coordinator of the Islamic Finance Consultative Group. In his role as Director of International Activities he played an important role in supporting jurisdictions around the world with their transition to IFRSs.

Please click for the Statement on the passing of Wayne Upton on the IASB website.

On Tuesday 20 September, the IASB will discuss five topics:

• The Board has been considering amending IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, to clarify how to distinguish between a change in accounting policy and a change in an estimate. If the Board agrees with the staff recommendation we expect to see the exposure draft being published in the next few months.
• The Board has two hours scheduled to discuss its thinking for the Discussion Paper planned on Financial Instruments with the Characteristics of Equity. The focus is on the application of the separate presentation requirements to derivatives classified as liabilities. The objective is to complete the discussion of the application of the Gamma approach to derivatives on ‘own equity’. The Board will also discuss how to improve the disclosure requirements to provide information to users that is not provided through classification and presentation.
• The Board is being asked to clear for publication a draft Interpretation on the interaction between the impairment requirements in IFRS 9 and IAS 28.
• The Board will hear the main messages the staff plan to give in the Feedback Statement on the Agenda Consultation.
• The Board also has an education session (which means that no technical decisions will be made) on revisions to the measurement sections of the Conceptual Framework.

On Thursday 22 September, the IASB will discuss its revisions to the Conceptual Framework. The Board is seeking to conclude its discussions on the reporting entity, presentation and disclosure, asymmetry in treating gains and losses, the definition of equity and materiality. Note that there is a longer than normal break in the middle of this session, with the public discussions being scheduled for 9:00am to 11:00am and 1:30pm to 2:30pm, London time.

Our pre-meeting summaries are available on our meeting note page and will supplement them with our popular meeting notes after the meeting.

On the activities the of the IFRS Foundation the report's conclusion are as follows (the IFRS 4 references are to be read as references to the new insurance contracts standard replacing IFRS 4 and expected as IFRS 17 within the next six months):

The Commission also reiterates its support for the re-introduction of the concept of prudence into the Conceptual Framework and welcomes the comprehensive effects analysis, which accompanied IFRS 16.

As regards EFRAG, the Commission notes that the organisation has been well equipped to strengthen the legitimacy of its positions and significantly contribute to the objective of Europe speaking with one voice. EFRAG's assessment of whether new or proposed financial reporting requirements are conducive to the public good is lauded.

As regards PIOB, the Commission notes that it will continue monitoring the funding developments and will cooperate with other interested stakeholders to ensure that the PIOB benefits from a clear, stable, diversified and adequate funding system.

Please click to access the full report on the European Commission's website.

4.5 hours o the short meeting will be devoted to the Conceptual Framework. Also on the agenda are amendments to IAS 8, IFRS implementation issues, financial instruments with characteristics of equity, and the Agenda consultation.

The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries as well as observer notes from the meeting on this page as they become available.

Please click through for the notes relating to the following issues:

• De­lib­er­a­tions of comments received:
  • Draft IFRIC IAS 12 — Uncertainty over income tax treatments
  • IFRIC 14 — Availability of a refund from a defined benefit plan IAS 19 — Remeasurement on a plan amendment, curtailment or settlement
  • IFRIC 14 and IAS 19 — Transition and effective date of proposed narrow scope amendments
• New issues:
  • IAS 12 — Recognition of deferred taxes in asset acquisitions
  • IFRS 9 — Modification or exchange of financial liabilities that do not result in derecognition
• Items for continuing consideration:
  • IAS 16 — Proceeds and costs of testing PPE
  • IFRS 9 and IAS 28 — Measurement of long-term interests in associates and joint ventures
• Agenda decision to finalise:
  • IFRIC 12 — Service concession arrangements in which the infrastructure is leased
  • IFRS 9 and IAS 39 — Fees and costs included in the 10 per cent test for derecognition of financial liabilities
• Administrative session:
  • Update on the Agenda Consultation for the Interpretations Committee

The pre­lim­i­nary and un­of­fi­cial notes taken by Deloitte observers for the entire meeting are also available.

• Use of IFRS around the world — Mr Hoogervorst gave a brief update on the use of IFRS in each region. Specifically, he noted that an area which had seen a lot of progress is in Asia and the Middle East.
• Insurance contracts — Mr Hoogervorst stated that the insurance contracts standard is currently being drafted by its staff and are producing an effect analysis. He provided examples which illustrated the lack of comparability between insurance companies around the world and stressed the urgent need for the new standard to be out as soon as it can.
• Enhance communication — Mr Hoogervorst commented on the need to evaluate how information is presented in financial statements in order improve the organization of data and to increase comparability between them.

Please click to access the full text of Mr Hooger­vorst's speech on the IASB website.

The agenda for the meeting is sum­marised below:

Agenda papers for the meeting are available on the IASB's website.