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IFRS Foundation trustees hold October 2015 meeting

  • IFRS Trustees meeting (blue) Image

Oct 26, 2015

The IFRS Foundation trustees met in Beijing on October 14–15, 2015.

Meeting activities included the following:

  • Executive session— The trustees discussed a number of important strategic issues:
    • Meeting with the Chinese assistant minister of finance — Michael Prada, chairman of the trustees, noted that he and several others had met with the Chinese assistant minister of finance, Bohua Dai. The meeting discussion focused on the great progress made with convergence between Chinese accounting standards and IFRSs as well as on China’s support for the IFRS Foun­da­tion and its work.
    • Strategic overview — Among other things, the trustees suggested metrics for measuring the foun­da­tion’s per­for­mance against its strategic goals.
    • Funding — The trustees noted that several new ju­ris­dic­tions have begun funding the foun­da­tion and that several other ju­ris­dic­tions have increased their con­tri­bu­tions; however, the trustees also pointed out that there are still ju­ris­dic­tions that fund below the expected con­tri­bu­tion level or do not fund the foun­da­tion at all.
    • Communications strategy — The trustees discussed how the foun­da­tion might better align its com­mu­ni­ca­tions and stake­holder en­gage­ment ac­tiv­i­ties with its strategic goals.
    • International developments — The trustees were en­cour­aged by the increased voluntary adoption of IFRSs in Japan; noted the generally positive outcome of the European Com­mis­sion’s review of the IAS Reg­u­la­tion and the positive EFRAG en­dorse­ment advice on IFRS 9, Financial Instruments; and discussed the ongoing U.S. situation.
  • IASB chairman’s report — The IASB vice-chairman provided the trustees with an update on a number of the IASB’s technical ac­tiv­i­ties.
    • Major projects — The IASB expects to finish re­de­lib­er­a­ting its project on insurance contracts around the end of 2015 and expects to issue the final standard in 2016. The IASB’s forth­com­ing standard on leases is currently being drafted and is expected to be published before the end of 2015.
    • Engagement strategy — The IASB’s Investors in Financial Reporting program has received positive reactions from the in­vest­ment community and others and will be reviewed at the end of 2015.
    • Use and consistent application of IFRSs globally — The trustees noted the state of IFRS adoption around the world, as demonstrated in the foun­da­tion’s ju­ris­dic­tion profiles. Regarding con­sis­tent ap­pli­ca­tion, the trustees were informed of the progress of the work of the transition resource groups (TRGs) on revenue recog­ni­tion and im­pair­ment of financial in­stru­ments. The trustees were reminded that the IASB will not necessarily establish a TRG when it publishes a standard but will consider the need for one on a case-by-case basis.
  • Report of the Due Process Oversight Committee (DPOC) — DPOC Chairman Jim Quigley presented a report on the DPOC’s October 2015 meeting with the IASB’s leadership and senior staff. For more in­for­ma­tion, see our related news item.
  • Stakeholder event — The foun­da­tion hosted an event, “IFRS and China: Ever-chang­ing Chal­lenges and Op­por­tu­ni­ties,” which featured several speeches and a panel dis­cus­sion.

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

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