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Report on the October/November 2016 IFRS Advisory Council meeting

  • IFRS AC meeting (mid blue) Image

22 Nov 2016

The IFRS Advisory Council met in London on 31 October and 1 November 2016. Significant topics on the agenda included (1) the scope of the Primary Financial Statements research project, (2) implementation support for the new insurance contracts standard, (3) key performance indicators for the IFRS Foundation, and (4) any implications of the Brexit for the IFRS Foundation.

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

  • Scope of the Primary Financial Statements research project — The Members of the Council agreed that there is a tension between flexibility and comparability, and although they supported providing more guidance they warned against that guidance being too descriptive. Alternative performance measures were discussed as a topic the Board cannot ignore.
  • Implementation support for the new insurance contracts standard — The Members of the Council agreed that the use of a transition resource group is appropriate; however all of the available tools for implementation support should be used.
  • Key performance indicators for the IFRS Foundation — The Members of the Council considered and provided advice in relation to potential key performance indicators that could be used by the IFRS Foundation to monitor certain aspects of its work. The main message was that the Foundation should focus on the quality of the standard-setting process and outreach and that it will be important to keep the key performance indicators simple and focused.
  • Implications of the Brexit for the IFRS Foundation — The Members of the Council agreed that although there is a lot of uncertainty there are no immediate matters that the IFRS Foundation needs to address.

The next meeting of the IFRS Advisory Council is scheduled for 4–5 April 2017, in London. The full report on the council’s October/November meeting is available on the IASB's website.

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