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Standards Advisory Council (SAC) Chairman's Report

Date recorded:

Paul Cherry, SAC Chairman, joined the meeting via video link and reported on the SAC meeting held in London 12-13 November 2009. He noted that the recent reorganisation of the SAC as a 'representative body' continues to mature and should become a very effective means of creating deeper IFRS networks around the world, with associated benefits to the IASB in terms of high-quality input to matters discussed.

Mr Cherry mentioned several sessions and noted that the most useful was probably that on the IASB's strategic agenda priorities post-2011. Though he would not be drawn on specifics, he noted that there was a high level of consensus about the strategic direction of the IASB post-2011 (two or three major projects; completion of the revision of the IASB Framework; and post-implementation reviews of recent significant standards). The SAC will discuss the priorities in greater detail at its meetings in 2010, and is considering bringing forward its November 2010 meeting to September 2010, so that it can have meaningful input to the IASB's agenda setting session expected in December 2010.

There was strong support in principle for a 'disclosure framework' in both IFRSs and US GAAP.

Three areas of the IASCF Trustees' review of the IASCF Constitution were discussed, and the strong consensus of the SAC was expressed in favour of expanding constituent input on setting the IASB's agenda and priorities, and against a 'fast track' process for amending IFRS. On the latter, it was considered that proper due process is 'non-negotiable' in the international context and that, operationally, 30 days for comments is probably the minimum that is acceptable.

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