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Report on the February 2015 IFRS Advisory Council meeting

  • IFRS AC meeting (mid blue) Image

Mar 18, 2015

The IFRS Advisory Council met in London on February 23–24, 2015. Topics discussed at the meeting included the 2015 agenda consultation; the IFRS Foundation’s potential opportunities related to the risks identified at the October 2014 meeting; the review of the Accounting Standards Advisory Forum (ASAF); and the global reporting initiative. The council also considered the latest developments related to the FASB’s and IASB’s revenue transition resource group, the strategy for the IFRS Foundation’s memorandums of understanding, and the IFRS Foundation’s education initiative.

  • ASAF review — Although the council generally supported the con­tin­u­a­tion of the ASAF, views differed on (1) whether the ASAF should be a manda­tory part of the IASB’s due process, (2) the forum’s size, (3) how and when ro­ta­tion of ASAF members might occur, and (4) whether non-IFRS adopters should be included as ASAF members.
  • Revenue tran­si­tion re­source group — Convergence, while important, is not the sole consideration. If certain aspects of the boards’ joint revenue standard do diverge, it is essential that uncertainty be avoided and that the prin­ci­ples underlying IFRS 15 not be com­pro­mised.
  • 2015 agenda con­sul­ta­tion — Council members believed that in addition to focusing on the current major pro­jects, the con­sul­ta­tion should request feedback on how to consistently apply ex­ist­ing stan­dards as well as on the extent of the current re­search agenda and potential enhancements to it.
  • Global re­port­ing ini­tia­tive — The council discussed the role of the global reporting initiative, including its ongoing rel­e­vance to the IASB’s work.
The next meeting of the IFRS Ad­vi­sory Council is sched­uled for June 9-10, 2015, in London. The full report on the council’s February meeting is avail­able on the IASB's Web site.

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