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IFRS Advisory Council update

Date recorded:

The IASB Technical Director provided the Board with an update of the November IFRS Advisory Council meeting.

The Council expressed concerns that the Board was putting target dates ahead of quality standards and that not enough progress had been made on the conceptual framework. The Council also referred to a "period of calm" which was not entirely clear as to exactly what the term referred to, but was presumed to be the period post-2011 when the Memorandum of Understanding projects had been completed. The Council also mentioned their desire for the Board to spend more efforts and resources dedicated to implementation rather than solely standard setting.

The Council is next scheduled to meet on 21 February 2011.

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