Monitoring Board update

Date recorded:

Makoto Sonoda (FSA Japan) gave a briefing on behalf of Masamichi Kono, Chair of the Monitoring Board.  The Board had concentrated on agreeing the criteria for membership of the Monitoring Board, in particular gaining an agreement on interpreting “domestic use of IFRSs”.  Mr Sonoda explained that he could not share the agreed wording with the Council, but stated that a formal release from the Monitoring Board would be made presently.

Mr Sonoda noted that the Monitoring Board would meet in London in April 2013 at the time of the Trustees’ meetings.  He commented that candidates for membership of the expanded Monitoring Board would be considered at that meeting.

A Council member was concerned that the danger of counter-productive actions at both the IFRS Foundation and the IFRSF Monitoring Board was great: there was a need for the process and related actions to be as transparent as possible to mitigate this danger.

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