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Report from October 2014 IFRS Foundation Trustees meeting

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Oct 28, 2014

A report has been made available from the meeting of the Trustees of the IFRS Foundation, which was held in Mexico City on October 7–9, 2014.

The summary of the meeting includes the following reports:


Report of the Trustees’ Executive session

  • Funding arrangements — Discussion included the need for jurisdictions that benefit from the use of IFRSs to contribute toward the cost.
  • Self-evaluation exercise — Discussions were focussed on the feedback received from the self-assessment exercise performed during the summer of 2014.
  • Structure and effectiveness review — The Trustees continued discussions on the upcoming review of the organization, which included discussions on the theme of the review. Also, the Trustees considered a timetable for the review and chose to use the Executive Committee as the review’s Review Committee.
  • ASAF review — Discussion included the terms of reference and what process should be taken for the upcoming review of the ASAF. Further, the Trustees agreed that an extension of current members’ terms is necessary to allow for enough time to complete the review.
  • International IFRS developments — Discussion included a number of significant events in Europe (including the European Commission's review of the use of IFRSs), a current assessment of the United States environment and the Foundation's approach, and the positive developments in the Asia-Oceania region.
  • Advisory Council update — Discussion included the role of the Council and its relevance.
  • IASB Chairman report — Hans Hoogervorst provided an update on the IASB's activities, noting issues arising from the insurance contracts and leases projects.
  • Group of Latin-American Standard-Setters (GLASS) — The Trustees were shown the development GLASS has made since the support for IFRSs.
  • Appointments — The Trustees made appointments to account for retiring members.
  • Establishment of an Alumni Network.
  • Presentations — The Trustees received presentations from:
    • The Education and Content Services Committee
    • The Audit and Finance Committee


Report of the Vice-Chair of the IASB

Ian Mackintosh, Vice-Chair of the IASB, provided the Trustees with an update on the IASB’s activities including the issuance of IFRS 9; the consultation on Sharia-compliant instruments and transaction; and its projects on leases, insurance contracts, conceptual framework, macro-hedging, the review of IFRS for SMEs, and disclosure initiative.

Other developments discussed included the review of the investor engagement strategy and the global use/consistent application of IFRSs.


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.


Regional outreach activity

As part of the Trustees’ meeting, the IFRS Foundation hosted a joint event with the Consejo Mexicano de Normas de Información Financiera and the Comisión Nacional Bancaria y de Valores to exchange views with Mexican stakeholders.


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

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