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.