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IFRS Foundation developing a stakeholder engagement register

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23 Jul 2019

The IFRS Foundation has announced that it will publish a register to provide a public record of IASB members’ engagement with stakeholders. The register will be published quarterly, beginning December 2019.

The register is being created to increase transparency and "continue demonstrating the Board’s independence and accountability and is also in line with stakeholder feedback." The register will include speaking engagements and face-to-face, web-based or phone meetings of more than 30 minutes duration. IASB members will record the date, the name of the relevant stakeholder organisation, and location and purpose of each engagement.

This development can be traced back, among other things, to demands made by the European Commission in its annual report on the activities of the IFRS Foundation, EFRAG and PIOB in 2017, which was published in October 2018. The Commission had observed:

When members of the IFRS Foundation meet with stakeholders outside the framework of the Due Process Handbook, no formal record is kept.

The Commission had noted that it would take action in this regard:

The Commission will engage with the beneficiaries in 2018 in order to ensure (even) higher standards of transparency, in particular with regard to the establishement of mandatory transparency registers on meetings with external stakeholders.

As the Commission has made similar comments when reporting on the activities of EFRAG, it is likely that EFRAG will also present a transparency register in the near future.

The full Commission report is available here. For more information on the engagement register, see the press release on the IASB's website.

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