Report on the February 2018 IFRS Advisory Council meeting

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21 Mar, 2018

The IFRS Advisory Council met in London on 27–28 February 2018. Significant topics on the agenda included (1) the value and effectiveness of the IASB's approach to effects analysis, (2) the effectiveness of the Board’s current conference strategy, (3) an academic liaison strategy, (4) the 2018 review of the ASAF, (5) progress on the Foundation’s Emerging Economies engagement, and (6) the Board’s proposed social media strategy.

The report notes the following discussions:

  • Value and effectiveness of the IASB's approach to effects analysis — Council members advised how the IFRS Foundation could improve the effectiveness of its Effect Analysis work.
  • Effectiveness of the Board’s current conference strategy — Council members noted that conferences are one tool the Foundation can use to support its goals, but discussed other less-costly ways to achieve the Foundation's objectives.
  • Academic liaison strategy — Council members considered and discussed research, strategic ideas, recognition, and other objectives.
  • 2018 review of the ASAF — Council members discussed the dividing views on two key questions: (1) Should ASAF be formally incorporated into the IFRS Foundation’s Constitution? and (2) Should consultation with ASAF be a mandatory due process step in the Due Process Handbook?
  • Progress on the Foundation’s Emerging Economies engagement — Council members received an update and encouraged the Foundation to continue to expand their engagement in emerging economies.
  • Board’s proposed social media strategy — Council members encouraged a "push only" media strategy rather than a (more extensive) two-way social media debate.

The next meeting of the IFRS Advisory Council is scheduled for 4–5 September 2018, in London. The full meeting summary and podcast related to the council’s February meeting are available on the IASB's website.

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