Report on the September 2019 IFRS Advisory Council meeting

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03 Oct, 2019

A summary report has been released of the meeting of the IFRS Advisory Council held in London on 18–19 September 2019.

The participants discussed:

  • Effect of technology on the investment process — Council members advised on the impact technology have on the need for IFRSs and the IFRS Taxonomy in the future and whether market forces are supplanting benefits of an IFRS Taxonomy.
  • Consistent adoption and application of IFRSs — Council members considered to what extent the IFRS Foundation should refresh its approach to monitoring consistent adoption and application.
  • Effective risk management — Council members generally agreed with the risks that had been identified by the Foundation. However, there was a suggestion that risks around financing should be considered for inclusion.
  • Update on Trustees and Foundation activities and Update on the Board’s activities — Council members received updates on recent trustee activities and on recent activities of the Board and the IFRS Foundation.
  • Digital experience for customers and stakeholders — Council members considered how the Foundation’s digital experience should evolve, what developments should be prioritised over the next three years and who the Foundation learn can from.
  • 2020 Agenda Consultation — Proposed approach — The majority of council members supported the proposal to include a shortlist of potential projects and some form of preliminary Board thoughts on the topics, rather than the Board’s full preliminary views of which potential projects from the shortlist it proposes to add to its work plan.

The full meeting summary is available on the IASB's website. There are also recordings of the individual sessions.

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