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Chairman’s summary of Trustees’ business sessions

Date recorded:

Michel Prada opened the public session by reviewing the discussions that had taken place during the private sessions of the Trustees:

  • He noted the signing of the Protocol with IOSCO as a welcomed step and an example of improving the quality of relationships and cooperation between the IFRSF and key regulatory stakeholders.
  • He noted continued constraints on the IFRSF’s budget but noted that these had led to efficiencies.  A new travel policy had reduced travel costs by 20%.
  • He noted that the next full review of the IFRSF’s Constitution was due to be completed by 2015.  However, given the Strategy Review, completed late in 2011 and still being implemented had addressed many areas of the Constitution and that to start another consultation might risk consultation apathy from constituents, the Trustees were proposing to start the consultation in 2015.  This would also have the benefit of aligning the timing of IFRSF Constitution reviews with the Monitoring Board’s governance reviews.
  • The Maystadt Review was noted.  The draft report was supportive of IFRSs in Europe although some of the proposals were troubling (e.g. additional Endorsement Criteria).
  • Funding continues to preoccupy the IFRSF, and pressures continue from many quarters, not just the EU.  The IFRSF continues to seek a stable solution, primarily publicly-sponsored funding programmes but with support from the accounting profession.
  • The organisation is looking to understand the true value of its Intellectual Property as well as how best to exploit it.
  • There was a stakeholder event co-sponsored by the DRSC (the German standard-setter) and the IFRSF on 16 October.  This had demonstrated two things: setting global financial reporting standards was difficult and controversial because they are global and that Germany has been and continues to be very supportive of the IFRSF and IASB. (We reported on the speech Mr Prada gave at the event earlier.)
  • Masa Kono, Chairman of the Monitoring Board, had joined their meeting by telephone to give the Trustees an update on the Board’s work to expand its membership.  He described the developments as encouraging.
  • He thanked in public Paul Cherry, the out-going Chair of the IFRS Advisory Council, for his outstanding leadership of the Council and his contributions to the work of the IFRSF and IASB generally.
  • He paid tribute to Pedro Malan and Jeff Lucy, who complete their tenure as Trustees in December.  He reported also that Marco Onado would succeed Mr Lucy as chair of the Education and Content Services Committee.

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