Notes from the IASC Foundation trustees meeting
10 Mar 2004
The trustees of the International Accounting Standards Committee Foundation, under which the IASB operates, met on 9 March 2004. Below are the preliminary and unofficial notes taken by our observers at the meeting: .
The trustees of the International Accounting Standards Committee Foundation, under which the IASB operates, met on 9 March 2004. Below are the preliminary and unofficial notes taken by our observers at the meeting:
NOTES FROM IASCF TRUSTEES MEETING 9 MARCH 2004 IASB Chairman's Report IASB Chairman Sir David Tweedie reported on current projects and application of IFRS in 2005. He also provided details of the ongoing discussions on financial instruments. Those included:
Sir David noted that the IASB has issued two new standards:
He provided details as to convergence activity both at the IASB and at other standard setters. In response to a question Sir David stated that the goal in achieving convergence with the US was 2007. Sir David noted that the IASB would be issuing a document on "due process" for public comment. Constitutional Review The IASCF Constitutional Committee has met to begin consideration of the comments received. Various themes arising from the comments were mentioned but were not discussed. The Constitutional Committee will develop proposals for discussion with various groups prior to presenting the proposals to the trustees towards the end of the year. Further details as to the procedures will be announced on the IASB's website in due course. Education Programme The Trustees noted and reaffirmed a previous decision to form an Education Advisory Group. This would not be a technical group but would advise the education director on:
The Trustees approved the above terms of reference. It was agreed that the education director would chair the group. The group will have a geographically diverse membership of 6 to 10 persons. The members will not be drawn from organisations involved in providing materials to the IASCF or directly to the market. Therefore, the large audit firms will not be on the group. The Trustees will consider, at their next meeting, proposals from the Education Committee as to membership of the advisory group. The education director presented details of summaries of individual standards that will be produced. It is intended that these would be used by CFOs to inform CEOs and Board and Audit Committee members. It was noted that these would not be reviewed by the IASB Board and would contain a disclaimer. This summary is based on notes taken by observers at the IASB meeting and should not be regarded as an official or final summary. |