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IFRS Foundation trustees hold February 2015 meeting

  • IFRS Trustees meeting (blue) Image

Feb 11, 2015

The trustees of the IFRS Foundation met in Zurich, Switzerland, on February 2–3, 2015.

Meeting activities included the following:

  • Mon­i­tor­ing board meeting — The trustees and the IFRS Mon­i­tor­ing Board updated each other on (1) progress made in im­ple­ment­ing the IFRS Foun­da­tion’s 2012 gov­er­nance report, (2) strategic planning, (3) gov­er­nance de­vel­op­ments, (4) use of IFRSs, and (5) the foundation’s financial situation and funding.
  • Executive session The trustees agreed to four goals related to the IFRS Foundation’s strategic plan for 2015–2017 and reviewed a draft of the foundation’s “mission statement.” In addition, updates were given on the (1) feedback received from a questionnaire about the ASAF’s operations and (2) the foundation’s structure and ef­fec­tive­ness, self-eval­u­a­tion exercise, and ju­ris­dic­tional funding con­tri­bu­tions. Further, SEC Chief Ac­coun­tant Jim Schnurr discussed the Commission’s ongoing con­sid­er­a­tion of the use of IFRSs in the United States.
  • IASB chairman’s report — IASB Chairman Hans Hooger­vorst gave an update on the IASB’s ac­tiv­i­ties related the two major standards it released during 2014: IFRS 9, Financial Instruments, and IFRS 15, Revenue From Contracts With Customers). Chairman Hoogervorst also discussed the IASB’s technical agenda for 2015 and the Board’s projects on insurance contracts and the conceptual framework.
  • Report of the Due Process Oversight Committee (DPOC) — Michael Prada, chairman of the IFRS Foundation trustees, led a discussion about the DPOC’s February 2015 meeting with the IASB. For more information, see our related news item.
  • Regional outreach activity — The IFRS Foun­da­tion jointly hosted an event with the Treu­hand-Kam­mer, the Swiss Institute of Certified Ac­coun­tants and Tax Experts. At this event, the trustees, IASB leadership, and key stakeholders ex­changed views on IFRSs in Europe.

The full report on the IFRS Foun­da­tion trustees’ meeting is avail­able on the IASB’s Web site.

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