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Update on the Standards Advisory Council Meeting

Date recorded:

The Director of Technical Activities gave a brief update on the last Standards Advisory Council (SAC) meeting that took place on 23-24 February 2009.

It was highlighted that this was the first meeting of the restructured SAC. The SAC discussed the work plan of the IASB and recommended prioritising credit crisis, convergence, and framework projects.

One Board member noted that SAC took formal votes on several issues in February - something this member believed the SAC is not supposed to do. The chairman intervened by noting that this was not a formal vote, but more a 'where are people' exercise.

Further, the SAC agreed to establish its own agenda committee.

SAC members also asked to make the meeting less technical and more strategic. It also asked for increased input of the Board members present at the SAC meetings.

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