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Report from July 2014 IFRS Foundation Trustees meeting

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Jul 23, 2014

A report has been made available from the meeting of the Trustees of the IFRS Foundation, which was held in London on July 8–10, 2014.

Topics discussed included:

  • Governance and procedural matters. A report was received in relation to the IFRS Foundation Monitoring Board meeting held on June 13, 2014, and the Trustees approved an updated Charter and Memorandum of Understanding (MoU) with the Foundation. It also approved the text of a Statement of Protocols with the European Securities and Markets Authority (ESMA), considered preliminary themes for the next review of the structure and effectiveness of the IFRS Foundation to be conducted over the course of 2015, started the process of a self-evaluation exercise of the Trustees, and approved a change in the terms of reference of the IFRS Advisory Council moving its secondary focus from promotion and adoption of IFRSs to encouraging broad participation in the development of IFRSs. Other topics discussed included Trustee appointments and reports from a number of committees.
  • International IFRS developments. Discussion included a number of significant events in Europe (including the European Commission's review of the IAS Regulation and the restructuring of the European Financial Reporting Advisory Group), a current assessment of the United States environment and the Foundation's approach, the importance of Mexico and improving relationships with the Group of Latin-American Standard-Setters (GLASS), engagement challenges in the Asia-Oceania region, and the particular challenges of stakeholder engagement in Africa and the Middle East.
  • IASB chairman report. Hans Hoogervorst provided an update on the IASB's activities, noting adoption updates in Singapore, India, and Japan, initiatives to improve the consistent application, and technical updates focusing on the conceptual framework project, insurance contracts, and leases.
  • Due Process Oversight Committee (DPOC) chairman report. Scott Evans provided a report on the July 2014 meeting of the DPOC, focusing on the IASB's technical activities, Effects Analysis Consultative Group, IFRS taxonomy, the annual review of consultative groups, and general due process matters. More information on this meeting is available here.
  • Other matters. The Trustees received a presentation from the chairman of the UK Financial Reporting Council (FRC) on the FRC's perspective of financial reporting issues, from Kumar Dasgupta (technical director) on the revised IFRS 9, Financial Instruments, and held the first Tommaso Padoa-Schioppa Memorial Lecture.

The full report from the meeting available on the IASB's Web site.

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