The summary of the meeting consists of the following reports:

• Trustees' Executive session
  Some of the topics discussed during this session revolved around the Trustees' international strategy, the challenges occurring by the lack of a decision by the US Securities and Exchange Commission in regards to the adoption of IFRSs in the United States, the G20's objective, funding of the organisation, feedback on the November 2012 proposal to create the Accounting Standards Advisory Forum, and the strategy proposals for developing XBRL for the IASB.
• IASB Chairman
  Hans Hoogervorst provided an update on the IASB's current activities. Some of the report discussed the current state of the convergence projects with the FASB. A final standard on revenue recognition is expected to be issued mid-2013. Exposure drafts on leases and insurance contracts are expected in the first half of 2013. On the impairment project, an exposure draft on the IASB 'three-bucket' model is expected as soon as possible, with the aim to finalise impairment requirements in 2013.
• Due Process Oversight Committee Chairman
  Scott Evans discussed the events from the January 2013 DPOC meeting which had topics covering the revisions to the Due Process handbook, the Feedback statement and Due Process Protocol. The Trustees have approved all three items for publication. Other items reported on were reviews of (1) process regarding educational materials, (2) IASB's current technical activities, (3) web site improvements, (4) approval of Darrel Scott as chair of the SMEIG, and (5) correspondence.
• Korean experience of IFRS adoption
  A presentation and report was provided detailing the efforts Korea went through during their adoption to IFRSs.
• Monitoring Board representatives meeting
  An update was provided on the progress made in following up the recommendations of the review of the governance of the organisation.
• Regional outreach activity
  The Trustees hosted jointly with the Hong Kong Institute of CPAs a panel discussion on the future of financial reporting. A video of the discussions is available on the IASB website.

The full summary of conclusion of the IFRS Foundation Trustees' meeting is available on the IASB website.

Mentors will be assigned to each scholar to support them as they increase their exposure to internationally recognised accounting scholars, best practices in accounting and business education and research, and a global peer network.

Ongoing mentorship is a critical element of the Deloitte IAAER Scholarship Programme and some well-known and highly accomplished accounting experts have volunteered their support. These include former member of the Financial Accounting Standards Board, Katherine Schipper (Duke University); former member of the International Accounting Standards Board, Mary Barth (Stanford University); Chika Saka (Kwansei Gakuin University); Sidney Gray (University of Sydney); and Ann Tarca (University of Western Australia).

The scholars, who must be a sitting lecturer, assistant, or associate professor holding a PhD (or comparable degree) in a faculty that teaches accounting, auditing, or financial reporting, are chosen for three years and attend IAAER co-sponsored conferences, workshops, and consortia as well as the IAAER World Congress.

In the long term, the programme aims at supporting better accounting education and improving the quality of financial reporting and auditing. The next round of scholarships will open in 2016, with applications considered in 2015.

Please click for more information on the Deloitte Global website.

Agenda for the meeting

Primarily, our new page is aimed at offering easy access to material already on our site. However, we also aim at broadening our horizon with and contributing to, to a certain degree and over time, research focused contributions to the international accounting debate supporting the IFRS Foundation’s objective of developing a single set of high quality global accounting standards and our endeavour to reinforce it.

Researchers have often pointed out how standard-setting can benefit from academic research:

• Academic research is generally grounded in theory which prevents it from being biased
• Researchers are guided by their research results and not by the wish to transport a certain opinion as their main incentive is to build their own reputation and that of their institution
• Peer review ensures that researchers are judged by the quality and rigour of their research, not by the results of it
• Research is always innovative – researchers are constantly looking for relevant and interesting new research questions.

It is for the same reasons that we believe that not only standard-setting will benefit from academic research but also our IAS Plus readership: Supplementing our daily news with information about research will offer our users an additional base of neutral, independent material that will fit well with our aim of providing readers with up-to-date unbiased information about international financial reporting.

At the same time we are well aware that IAS Plus is a page many students and researchers turn to as they value the wealth of our repository of comprehensive accounting information offering a library of news, developments and publications going back to December 2000 and summaries of standards and corresponding e-learning.

The new education and research page aims at being a new central landing page for education-related information on IAS Plus. From a single page it offers access to our standard summaries, our e-learning, our webcasts and podcasts, the library of accounting research papers we are in the process of building up and will continue to add to, and a list of useful links including IASB educational material and free IFRS resources on the European Commission website.

Access to our new site is available through the link below and through the Resources menu item at the top of each IAS Plus page.

• IAS Plus Research and education page

Issued in December 2011, the DP’s objective was to stimulate debate on the accounting for income tax. The EFRAG and FRC received 29 comment letters regarding the DP, primarily from accounting organisations, national standard setters, preparers and business associations. The most supported proposals in the DP were (a) effective tax reconciliation; (b) improved disclosure on deferred tax assets and tax losses; and (c) recognition and measurement of uncertain tax positions. The least supported proposals by respondents were (a) reconciliation of the tax paid with the current tax expense; (b) discounting of deferred tax assets and liabilities; (c) disclosure on uncertain tax positions; and (d) disclosure that involves forward-looking and ‘entity-sensitive’ information.

The feedback provided will be used by the EFRAG and the FRC when meeting with the IASB on discussions for the improvement to IAS 12.

The press release and the feedback statement are both available on the EFRAG website.

Topics discussed during the DPOC meeting were:

1. Revisions of the Due Process Handbook — Consideration were made for the proposed revised version of the Due Process Handbook (DPH), a feedback statement on the results of the consultation on the draft of the DPH that had been issued for comment, and proposed revised Due Process Protocol (DPP) tables for publication on the website.
2. IFRS Education Initiative: due process issues — An update on the planned due process that the Education Initiative staff intended to follow for each of the education products scheduled for 2013.
3. Update on technical activities — Discussion were held on the current state of impairment, hedge accounting, insurance, and revenue recognition projects.
4. Website project pages and DPOC web pages
5. Small and Medium-sized Entities Implementation Group — Approval of the proposed changes to the terminology used in the Terms of Reference and Operating Procedures for the SME Implementation Group. The DPOC also supported the nomination of Darrel Scott as the new chair of the SMEIG, replacing the retiring Paul Pacter.
6. Review of correspondence
7. Any other business

The DPOC is responsible for approving due process and overseeing the IASB’s compliance with due process, and reviewing the Trustees’ fulfilment of their oversight function in accordance with the Constitution of the IFRS Foundation.

A summary of the meeting is available on the IASB website.

The IFRS Foundation is seeking candidates from Asia-Oceania, South America and an “At Large” position to fill IFRS Trustees vacancies that will become available in July 2013 and January 2014.   Under the IFRS Foundation Constitution, there are 22 IFRS Trustees, which are required to broadly reflect the world’s capital markets and have a diversity of geographical and professional backgrounds.  Trustees are appointed for a three year term (with one possible renewal) and oversee the IFRS Foundation and the International Accounting Standards Board (IASB).

The IFRS Trustees are also inviting applications from suitable candidates to fill up to four vacancies on the IFRS Interpretations Committee.  After the appointments, the Committee will comprise 14 members and a non-voting Chairman.

Those interested in applying for the positions are asked to respond by 8 March 2013.

Click for the following information on the IASB website:

• Press release on Trustee vacancies
• Press release on IFRS Interpretations Committee vacancies

The purpose of the MoU is to create the basis for cooperation, coordination, and alignment in areas the two organisations share mutual interests, in particular:

Efforts to promoting the global harmonisation and clarity of corporate reporting frameworks, standards and requirements in ways that drive coherence, consistency and comparability, leading to improved efficiency and effectiveness in corporate reporting practices;

the development of their respective reporting frameworks, guidelines and standards; and

the related transparency and sharing of relevant and significant information between them.

In October 2012, the IIRC established a similar MoU with the International Federation of Accountants (IFAC).

The IIRC expects to issue a consultation draft on the International Integrated Corporate Reporting Framework on 16 April 2013. A final version is expected in December 2013.

The press release and the MoU are both available on the IASB website.

The paper examines ten misconceptions of IFRS, which are:

1. IFRS practise a generalised "fair value"
2. IFRS are intended to reflect the global financial value of the company
3. IFRS deny the concept of accounting conservatism
4. IFRS give prominence to economic reality over legal form
5. Directors can’t make head or tail of IFRS financial statements
6. The IFRS financial statements do not reflect the business model
7. Financial instruments will soon be "full fair value" thereby maximising earnings volatility
8. The "fair value" is always defined as "market value" even when markets are illiquid
9. The treatment of business combinations is irrational
10. IFRS create accounting volatility that does not reflect the economic reality.

The views expressed in this paper are the personal views of Mr Danjou and not the official views of the IASB. The paper is available on the IASB website, initially in French only, with the IASB indicating an English translation will be forthcoming in due course.

Update

On 21 February 2013, the IASB has made available an English translation of the paper.