Executive Commitee

Date recorded:

Mr Glauber presented a summary of the feedback from the comment letters received so far on the Trustees’ Strategy Review Report and the feedback from the various roundtable discussions that had taken place. The content was similar to that given to the Monitoring Board on 13 July. He reiterated that the Trustees and the Monitoring Board were committed to delivering a coordinated package of governance reforms and would be transparent in their discussions as they developed their final proposals.

Sam DiPiazza, who had attended roundtables in the UK and Europe, noted that the dialogue around XBRL had been much stronger than he had anticipated. He agreed with the comments that the Trustees needed to be very clear that ‘the XBRL should not wag the IASB dog’ – i.e., that the technical decisions of the Board should always have primacy. Another area in which he had been surprised was the Interpretations Committee: it would be a bigger part of the strategy review than he had expected. Also, while a large majority favoured the IASB’s attention to investors in public capital markets, there had been a ‘loud minority’ that wanted to extend the scope beyond investors. Finally, there was broad agreement that research was important to the IASB, but the approach should be partnership and networks.

Tom Seidenstein noted that another comment on scope that had been consistent was not for profit entities. Most agreed that now was not the right time, but it was important for the Trustees to make a commitment one way or another. On a related note, Sir Bryan Nicholson noted that there was another international financial reporting standard-setter without a proper oversight body: the International Public Sector Accounting Standards Board. He noted that the IFAC-sponsored Board does not fall within the oversight of the IFAC Monitoring Group. Whether it belongs to the IFRS Foundation (and Monitoring Board) is an open question, but one that the Trustees needed to think about more.

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