Report of the IFRS Foundation Chair

Date recorded:

The IFRS Foundation Trustees subsequently met in public session. As the content addressed many of the same issues as had been reviewed with the Monitoring Board before the break, Michel Prada suggested that topics be addressed on more of an exceptions basis—expanding the commentary where appropriate.

IFRS Foundation funding

Mr. Prada noted that the ‘three pillar’ funding model had been reviewed with the Monitoring Board in their private meeting. They had understood it and approved the approach. The support from the major accounting networks was still to be finalised and the commercial funding had to be clarified: however the basic model was confirmed.

Use of IFRSs

Mr. Prada noted that there were significant, positive developments in Japan. A change in government had led to a more sympathetic environment for the adoption of IFRSs and more Japanese companies were exploring adopting IFRS adoption, even in the absence of any clear moves in the United States.

With respect to the US, the change of leadership at the US Securities and Exchange Commission in early April 2013 meant that it was too soon to judge the current disposition of the SEC. However, the Trustees were maintaining good relations with key US stakeholders, in particular with the Financial Reporting Foundation, where a productive working relationship had been restored.

IFRS Foundation Constitution review

Mr. Prada noted that the Trustees had begun planning for the next quinquennial review of the IFRSF Constitution, which the Trustees aimed to have completed by mid-2015.

Meetings – 2014

The Trustees confirmed that they would meet four times in 2014: twice in London and once in Sydney, Australia, and once in Mexico.

Related Topics

Correction list for hyphenation

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