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Summary of the July 2013 Trustees' meeting

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Jul 25, 2013

The IFRS Foundation Trustees have published a summary of the conclusions from their meeting held in Johannesburg on July 9–11, 2013.

The summary of the meeting includes the following reports:

 

Report of the Trustees’ Executive session

  • Ongoing relationship with the International Organisation of Securities Commissions (IOSCO)
    The Trustees stressed the need for consistent application of IFRSs and the need to work with securities regulators. They are also seeking to strengthen their relationship with the IOSCO by developing a statement of cooperation with the IOSCO’s Committee on Issuer Accounting, Audit and Disclosure.
  • Funding of the IFRS Foundation
    The Trustees discussed stabilizing longer-term funding and various funding initiatives.
  • Strategy Review
    The Trustees noted that most of the actions resulting from the the 2012 reports of the Trustees’ Strategy Review and the Monitoring Board Governance Reviews have been fully implemented without modifications, except for long-term financing.
  • Canada survey on cost of transition to IFRSs
    The Trustees found the survey useful and that it can be used by other jurisdictions when evaluating their own transitional plans to IFRSs.
  • IFRS developments around the world
    • European Union — Updated on developments in EU, particularly on meetings with Philippe Maystadt as part of his review on the governance of European bodies involved with financial reporting and the process for the endorsement of IFRSs in the EU.
    • United States — Updated on developments in the United States, particularly on the initial meeting between Michel Prada, Yael Almog, and the new SEC Chair Mary-Jo White.
    • Japan — the Trustees noted the progress of companies adopting IFRSs in Japan, the intention by Japanese authorities to introduce a new index of international companies listed in Japan that required the use IFRSs to be included in the index, and an additional version of Japanese GAAP that was closer inline to IFRSs.
    • Emerging economies — the Trustees reviewed steps taken by the IASB to satisfy the G20 recommendation to develop its outreach to emerging economies.
  • Nominations
    The Trustees appointed Dr. Abdulrahman Al-Humaid (Saudi Arabia) and Joji Okada (Japan) and reappointed Duck-Koo Chung (Korea), Dick Sluimers (Netherlands), and Antonio Zoido (Spain).
  • Trustee meetings
    The Trustees discussed meeting locations for 2014.

 

Report of the chairman of the IASB

Hans Hoogervorst, chairman of the IASB, provided the Trustees with an update on the IASB’s activities including the leases and insurance contracts exposure drafts, developments in the impairment project, the discussion paper on the conceptual framework, and the feedback statement on the Discussion Forum on Financial Statement Disclosure.

 

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. Mr Evans discussed the IASB’s current technical activities, an upcoming report on the revenue recognition project lifecycle, an annual review of consultative groups, and a review of production activities.

 

Regional outreach activity

As part of the Trustees’ meeting, the IFRS Foundation hosted a joint event with the South African Institute of Chartered Accountants (SAICA) at which the Trustees and the leadership of the IASB met with representatives of key stakeholders to discuss issues under the theme The future of financial reporting in Africa.

 

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

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