Issues discussed by the Trustees in non-public sessions

Date recorded:

Mr Prada provided a précis of the important issues discussed by the Trustees in other sessions of the meeting.

  • Implementation of the Trustees’ Strategy Review
    • The Trustees discussed how best to engage with national standard-setters through an international ‘forum’.  A formal proposal would follow after discussions with national standard-setters, the IFRS Advisory Council and others.
    • The IASB staff had presented a draft of their analysis of the US Securities and Exchange Commission’s staff report on the IFRS Workplan, issued on 13 July 2012.  It was hoped that this report would be ready for publication ‘sooner rather than later’).
    • Funding the organisation was still a problem, especially in the US where implementing a sponsored funding scheme was proving challenging.
    • The Trustees were also focused on the implementation and enforcement of IFRSs and how it could be improved.  As part of this effort, the Trustees were exploring how they could work with IOSCO more effectively.  In particular, they were working on achieving some coordination between the IASB and IOSCO’s Policy Committee 1 (formerly known as the Technical Committee which consists of Chief Accountants of various national securities markets regulators) and between the IFRS Foundation and the IOSCO Board.
  • Mr Prada extended formal thanks to the retiring Trustees, Yves-Thibault de Silguy, David Sidwell, Paul Tellier and Jeff van Rooyen.
  • Mr Prada noted the announcement earlier on 12 October 2012 of the appointment of Sheila Fraser, Heidi Miller and Wiseman Nkuhlu as Trustees for terms beginning on 1 January 2013.

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