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Summary of the April 2013 Trustees' meeting

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Apr 23, 2013

The IFRS Foundation Trustees have announced the summary of the conclusions from their meeting held in London on April 9–11, 2013.

The summary of the meeting includes the following reports:


Report of the Trustees’ Executive session

  • First meeting of the newly formed Accounting Standards Advisory Forum (ASAF)
    The Trustees were encouraged that the meeting had gone well, with a high-quality level of debate.
  • Funding of the IFRS Foundation
    The Trustees discussed various different approaches to putting in place a more longer-term funding arrangement.
  • Recent developments in both the United States and Japan
    The Trustees noted the need to ensure that the question regarding a decision on domestic use in the United States remains an item on the SEC’s work program. Developments in Japan seemed to indicate to the Trustees a speeding up in a positive way of the Japanese consideration of the adoption of IFRSs.
  • Nominations
    The Trustees agreed to extend for a period of 9 months (with an option to extend to up to one year) the term of Tsuguoki (Aki) Fujinuma as vice chairman of the Trustees.
  • Education and content services
    The Trustees reviewed progress toward the development of an eIFRS "app," subject to successful user testing.
  • Constitution review
    Staff will begin preparations to complete the next review of the Constitution by 2015.
  • Research program
    The Trustees discussed plans to develop a research capability.


Meeting with the Monitoring Board

  • Report of the chairman of the IASB
    Hans Hoogervorst, chairman of the IASB, provided the Trustees and the Monitoring Board with an update on the IASB’s activities, including international engagement, progress on the four major outstanding convergence projects, and work on the conceptual framework project.
  • Report of the chairman of the Due Process Oversight Committee
    Scott Evans, chairman of the Due Process Oversight Committee (DPOC), reported on the recent activities of the DPOC. Major projects include the revision of the Due Process Handbook including the development of a Due Process Protocol.
  • Regional outreach activity
    As part of the Trustees’ meeting, the IFRS Foundation hosted a joint event with the Institute of Chartered Accountants in England and Wales (ICAEW) at which the Trustees and the leadership of the IASB met with representatives of key stakeholders to discuss issues under the theme The relationship between financial reporting and long-term investing.

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

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