The report, The state of CSR in Australia: Stakeholders as readers of sustainability reports, was presented at the Australian Global Reporting Initiative (GRI) Conference on Sustainability and Integrated Reporting held in Melbourne on 26-28 March 2012.

The data collected from 16 research projects conducted by ACCSR between 2006 and 2011, relating to stakeholder perceptions of sustainability reports, was analysed to produce the report.

Some of the findings of the research include:

• A balanced report helps develop trust with stakeholders. Reporting both positive and negative, challenges and achievements, makes stakeholders more likely to see a sustainability report as a credible source of information
• In terms of engagement with the report, contractors, suppliers and financial stakeholders are most likely to completely read a sustainability report
• Stakeholders are more likely to use sustainability reports to understand an organisation's sustainability approach rather than sustainability performance
• The greatest 'reputational uplift' from sustainability reports is gained when stakeholders learn something new about an organisation - producing a sustainability report provides the potential to improve reputation with minimal risk.

Click for access to the ACCSR report (free registration required).

Mr Hoogervorst noted that most of the convergence work with the US Financial Accounting Standards Board is complete. Currently, there are four remaining convergence projects (leases, revenue recognition, financial instruments, and insurance). The chairman is hopeful that the SEC will make a timely decision about the U.S. adopting IFRSs, which will help expedite the completion of the  remaining convergence projects.

One of the most common items from the feedback received during meetings, round-table discussions, and other events was a request for a period of stability. Mr Hoogervorst noted that the IASB's future work programme would focus on 'fixing what needs fixing, and no more', including:

• completing revisions to the conceptual framework
• ensuring disclosure requirements are appropriate
• deciding what to do with other comprehensive income
• work on smaller projects, such as agriculture, business combinations under common control, hyperinflation and rate-regulated industries.

The chairman commented that the IASB has introduced a new research phase to the work programme. The research phase would be designed to gather preliminary views from within the IASB and other standard-setting groups before it is considered for the IASB’s work programme. Mr Hoogervorst emphasised working with other accounting standard-setting bodies to do research and report back their findings to the IASB, conducting much of the discussion paper phase of the IASB's standard-setting work.  Mr Hoogervorst noted this should enable the IASB to understand national and industry perspectives earlier in the standard setting process.

Further, Mr Hoogervorst remarked:

The introduction of a research phase to our work stream, delivered by other accounting standard-setting bodies within the parameters set by the IASB, is an excellent example of our desire to formalise and strengthen our relationships with other organisations such as the KASB.

Click for speech transcript (link to IASB website).

The matters discussed at the meeting, held on 29-30 March 2012, were as follows:

We have posted the above agenda for the meeting with the kind permission of the IFASS secretariat.

With the IASB beginning to focus on its post-convergence agenda and governance, the role and importance of regional and jurisdictional standard-setters going forward is a key challenge for the IFRS Foundation.  Hans Hoogervorst (IASB Chairman) commented recently about the "need for the IASB to strengthen and formalise its relationships with standard-setters, regulators and the accounting profession".

Mr. Fleck is succeeding Bill Knight who retired on 31 March after eight years as chairman.

Click for FRC press release (link to FRC website).

The revised Guide to the IFRS for SMEs booklet is designed to provide a briefing of IFRS for SMEs for lenders, creditors, and other interested parties.

In the recent edition of IFRS for SMEs Update newsletter, the staff announced the adoptions of the IFRS for SMEs in Samoa and Ecuador. In Samoa, all non-publicly accountable entities will begin using IFRS for SMEs for financial reporting periods ending on or after 30 June 2012. In Ecuador, IFRS for SMEs is effective for all non-publicly accountable entities for years ending on or after 31 December 2012.

Click for:

• A Guide to the IFRS for SMEs booklet (link to IASB website).
• IFRS for SMEs Update: March 2012 (link to IASB website).

The agenda was publicly released on 2 April 2012 and is available here.

The material presented in the Exposure Draft is proposed to be developed as an International Public Sector Accounting Standard (IPSAS), with the same level of authority as the accrual based IPSASs.

The proposed new IPSAS Standard would apply to all public sector entities other than government business enterprises. These entities would be required to issue the financial statement discussion and analysis when it issues financial statements.

The financial statement discussion and analysis would be identified clearly, distinguished from the financial statements, and would apply the same qualitative characteristics as govern the preparation of financial statements.

Comments are requested by 31 July 2012.  Click for IPSASB press release (link to IFAC website).

The Malaysian Accounting Standards Board (“MASB”) hosted the forum, which is designed to be one of the key platforms in the Asian Oceanian region for stakeholders including regulators, to discuss IFRS related policy issues.

Representatives from 22 jurisdictions attended - Australia, Brazil, Brunei Darussalam, Canada, China, Dubai, Hong Kong, India, Indonesia, Iraq, Japan, Korea, Macao, Malaysia, Nepal, New Zealand, Pakistan, Singapore, South Africa, Syria, Thailand and Vietnam. Hans Hoogervorst (IASB Chairman), Ian Mackintosh (IASB Vice Chairman), Jeffrey Lucy, (IFRS Foundation Trustee), Charles Macek (IFRS Advisory Vice Chairman) and  three other IASB Board members also attended the Forum.

In a keynote address by Tan Sri Zarinah Anwar, Chairman, Securities Commission Malaysia, it was noted that the availability of resources is a key implementation challenge and requires regional and international cooperation to make available experts, financial assistance, build capacity and enhance education. The establishment of the Asian-Oceanian Standard-Setters Group (AOSSG) has been pivotal in facilitating such closer regional collaboration.   It is now also appropriate for IASB to bring Islamic finance into its agenda and ensure the development and implementation of  IFRS  accommodate the needs of this sector.

The Communiqué also includes discussion of:

• A reaffirmed commitment to adoption of IFRS recognising that for some jurisdictions this is achieved via a process of converging.  It was also noted that full global and regional adoption will take time, especially as stakeholders try to cope with a rapid pace of change in IFRS
• An expression of appreciation to the IASB for its efforts in conducting a thorough and comprehensive consultation on its future agenda
• Participants agreed that in working towards a set of globally accepted accounting standards, regulators have to work together not only with IASB but also with their national standard setters and regional standard setting bodies to better align local policies with these international standards and to integrate the requirements of the standards into the
  domestic legal framework
• It was also acknowledged that for IFRS to be accepted globally, the standards have to be endorsed, implemented, audited and enforced on a consistent basis.

The next meeting of the IFRS Regional Policy Forum is expected to be held in Hong Kong in 2013.

Click for access to the Communiqué (link to MASB website)

The 2012 taxonomy is consistent with IFRSs as issued by the IASB at 1 January 2012, and it contains XBRL tags for all IFRS disclosure requirements.

Click here to access the IFRS Taxonomy files and accompanying materials on the IFRS Foundation's website.