Report on the April 2022 IFRS Advisory Council meeting

  • IFRS AC meeting (mid blue) Image

26 May, 2022

A summary report has been released of the meeting of the IFRS Advisory Council held in a hybrid format (virtual participation and participation at the IFRS Foundation Office in London) on 5-6 April 2022.

The participants discussed:

  • Update on Trustees' activities and IASB activities — Main discussion points were
    • the multi-location model of the ISSB,
    • the ISSB’s due process approach,
    • asserting compliance with IFRS accounting standards and IFRS sustainability-related disclosure standards,
    • engagement being undertaken with governments, regulators, and jurisdictions on the EDs, and to achieve a global baseline,
    • connectivity between the IASB and the ISSB and the potential for IASB-ISSB joint stakeholder engagement,and
    • the IASB’s future work plan, new projects to be added to the work plan, and selected projects currently on the IASB's work plan.
  • Update on the ISSB’s exposure drafts — Participants received an in-depth introduction to the two EDs and had the opportunity to ask questions.
  • Feedback from previous Advisory Council meetings — Participants were updated on how strategic advice provided by members at previous meetings has been considered and applied to the work of the IASB, the ISSB and the IFRS Foundation.
  • Introduction of the Chair of the ISSB and an update on the ISSB’s activities — Participants had the opportunity to ask questions regarding ISSB Board membership, challenges expected regarding ISSB standard-setting, ISSB standards and compliance with the SEC disclosure requirements, the culture of merged organisations, relations between standard setters, and emerging markets.
  • Organisational culture — Participants discussed:
    • Advice on bringing organisational cultures together when working in a global multilocation setting with multiple organisational consolidations occurring, and in a context of hybrid working during a continuing pandemic.
    • How can the IFRS Foundation best build on strengths in the values and cultures of the legacy organisations and achieve a unified culture?

The full meeting summary (16 pages) is available on the IFRS Foundation website.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.