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Closing

Date recorded:

On IPSASs, bringing the IPSASB under the IFRS Foundation’s roof is not practicable at the moment, although some Council members suggested that such a change should be a long-term aspiration. Other Council members were not convinced that improved governance alone would solve the challenges facing the IPSASB.

On developments in corporate reporting, the IASB should not own <IR>, but work with the IIRC and other related standard-setters as appropriate, ensuring the alignment of standards where necessary. The IASB should continue to keep abreast of developments in technology, to ensure that IFRSs remain capable of being used. Assurance on <IR> and other related matters was noted — although not within the IASB’s competence.

Interaction between the Council and the IFRS Foundation Trustees — there was overwhelming endorsement of better and more formal interaction between the two, and for the proposals in the agenda paper.

While there is acceptance that convergence is no longer a goal of the IASB and FASB on some projects, looking for maximum convergence where possible was still desirable. There was support for reaching a high-quality accounting standard for lease accounting (with operating leases on the balance sheet); the Council urged the IASB to seek a converged solution on income statement presentation. A Council member clarified that the Council wanted the IASB to work towards a high quality solution—this was not to be read as an endorsement of the revised exposure draft’s approach, which had not achieved the necessary global support.

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