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Summary of the January 2013 Trustees' meeting

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Feb 13, 2013

The IFRS Foundation Trustees have announced the summary of the conclusions for their meeting held in Hong Kong on January 24, 2013.

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 SEC on the adoption of IFRSs in the United States, the G20's objective, funding of the organization, 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 finalize impairment requirements in 2013.
    • Due Process Oversight Committee chairman
      Scott Evans discussed the events from the January 2013 Due Process Oversight Committee meeting, which included topics covering the revisions to the Due Process Handbook, the feedback statement, and the Due Process Protocol. The Trustees have approved all three items for publication. Other items reported on were reviews of (1) the process regarding educational materials, (2) the 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 that Korea went through during their adoption of IFRSs.
    • Monitoring Board representatives meeting
      An update was provided on the progress made in following up on the recommendations of the review of the governance of the organization.
    • 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's Web site.

    The full summary of conclusions of the IFRS Foundation Trustees' meeting is available on the IASB's Web site.

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