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Report on the June 2015 IFRS Advisory Council meeting

  • IFRS AC meeting (mid blue) Image

Jul 20, 2015

The IFRS Advisory Council met in London on June 9–10, 2015. Topics discussed at the meeting included the 2015 agenda consultation, the review of the structure and effectiveness of the IFRS Foundation, and an overview of the IFRS Foundation’s strategy for 2015–2017. The council also considered the latest developments related to the IFRS adoption experience in Japan, profiles of IFRS filing requirements by jurisdiction, and items on the IASB’s technical agenda related to the research program and leases.

  • 2015 agenda consultation — Council members provided feedback concerning the method of presentation in the request for views.
  • Review of the structure and effectiveness of the IFRS Foundation — The council made suggestions regarding the draft consultation document.
  • 2015–2017 IFRS Foundation strategy — The staff gave an overview presentation to the council.
  • IFRS adoption in Japan — The council noted the increasing number of companies adopting IFRSs in Japan because of the perceived benefits of doing so and discussed the implementation of the Japanese corporate governance code.
  • Profiles of IFRS filing requirements by jurisdiction — The council requested that the staff consider whether there are additional strategic uses for the profiles.
  • Research program — The council supported this program and provided several considerations. In addition, the council indicated that it supports changing rate regulation from a research project to a standards-level project.
  • Leases — The council proposed steps to be taken after the issuance of the leases standard. Specifically, the council suggested that (1) there is no need to form a transition resource group; (2) educational meetings with national standard setters, investors, and regulators should be held; (3) the effects-analysis document should explain the differences between IFRSs and U.S. GAAP; and (4) the IASB should monitor implementation issues.

The next meeting of the IFRS Ad­vi­sory Council is sched­uled for November 2–3, 2015, in London. The full report on the council’s June meeting is avail­able on the IASB's Web site.

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