Report of the IASB Chair

Date recorded:

The IASB Chairman reviewed progress on the IASB’s technical agenda, supplementing a detailed written report.  He noted that the projects on Leases and Insurance Contracts would be re-exposed for public comment.  The project on Revenue Recognition was in re-deliberation, but the expectation was that an IFRS would be issued mid-2013.

The area in which he expressed particular concern was that of Financial Instruments—Impairment, for which the US FASB was now exploring a model that the two Boards had discussed extensively but decided not to pursue.  While the IASB and FASB continued to have ‘open communications’ on the topic, Mr Hoogervorst was ‘not optimistic’ about achieving a converged solution.

There were no comments or questions from Trustees.

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