Report on the October 2017 IFRS Advisory Council meeting

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27 Nov, 2017

The IFRS Advisory Council met in London on 17–18 October 2017. Significant topics on the agenda included (1) the effect of technology on the future of accounting and corporate reporting, (2) better communication, and (3) the Trustees’ reputation survey.

The discussion on the reputation survey was held in private session. On the other two significant topics, the report — prepared by the Chair of the IFRS Advisory Council, Joanna Perry — notes the following discussions:

  • The effect of technology on the future of accounting and corporate reporting — Members of the Council were convinced that massive changes in relation to technology will have an impact upon accounting, corporate reporting and the IFRS Foundation. However, they also thought that there was a clear, future role for some form of financial reporting and for some form of principle-based accounting standards and, therefore, for the IFRS Foundation. They noted that stakeholders will need to deal with unstructured data and with judgements being made in a real-time environment in the future and that the IFRS Foundation needs to consider early how to respond to the changes. Members considered that it would be useful to include further sessions on technology on the Council’s future agenda .
  • Better communication — Members commended the Board on the publication of the report Better Communication in Financial Reporting and provided various suggestions for both how the Board could promote the document and how Council members (and therefore others) could use the document.

Members also received updates from the Basel Committee on Banking Supervision, from the IASB Chairman, and on the Trustees’ activities.

The next meeting of the IFRS Advisory Council is scheduled for 27–28 February 2018, in London. The full report on the council’s April meeting is available on the IASB's website.

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