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Summary of the April 2014 Trustees' meeting

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Apr 30, 2014

The IFRS Foundation Trustees have published a summary of the conclusions from their meeting held in Sydney on April 8–10, 2014.

The summary of the meeting includes the following reports:


Report of the Trustees’ executive session

  • Public consultation on the International Public Sector Accounting Standards Board (IPSASB) Governance Review
    To improve public sector accounting, the Trustees agreed to establish a joint monitoring and oversight body, consisting primarily of members of the IPSASB review group.
  • IFRS developments around the world
    • Saudi Arabia — Update on developments from the chairman’s meeting with the Gulf Co-operation Council Accounting and Auditing Organisation (GCCAAO).
    • United States — The chairman discussed his meeting with U.S. authorities, including the Securities and Exchange Commission.
    • Japan — Update on developments regarding Japan’s transition to IFRSs.
    • Europe — The Trustees discussed the EU’s contribution to the funding of the IFRS Foundation.
    • G20 — The Trustees discussed meetings held with representatives of the Australian Treasury and the Australian Securities and Investment Commission (ASIC) to promote a single set of global accounting standards.
  • Governance and control developments
    The Trustees reviewed the Foundation’s overall risk management and controls processes and procedures, which were considered to be generally effective. The Trustees asked the staff to begin the preparatory work for the organization’s next review of structure and effectiveness as soon as possible in the second half of 2014, rather than wait for 2015 when it was scheduled to start.
  • Communications strategy for 2014
    The Trustees discussed developing a revised overarching narrative for the organization, enhanced coordination of policy-level outreach and media activity.
  • Presentations
    The Trustees received presentations from:
    • The Education and Content Services Committee
    • The Audit and Finance Committee


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 its disclosure initiative and the joint leases project. Ian Mackintosh, vice-chairman of the IASB, provided an update on the revenue recognition 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. See our previous news item on topics covered during the separate DPOC meeting.


Regional outreach activity

As part of the Trustees’ meeting, the IFRS Foundation hosted a joint event with the Institute of Chartered Accountants in Australia and CPA Australia 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 global financial reporting.


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

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