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Introduction message from the new chairman of the IFRS Foundation Trustees

04 Jan 2012

The IASB has posted to its website an introduction message from the new chairman of the IFRS Foundation Trustees, Michel Prada.

He speaks about his previous work and his dedication to the development of global financial reporting standards. He warns about "uncertainty and ambiguity" in markets and says that the financial crisis should not impede efforts toward global accounting standards. He is committed to "managing the delicate balance between independence, legitimacy and public accountability" in his role as chairman. Please click Mr Prada's introduction message on the IASB's website.

Michel Prada became the new chairman of the IFRS Foundation Trustees effective on 1 January 2012. Please see our earlier story for more information about his appointment.

Deadline reminder – IASB exposure drafts on investment entities and government loans

04 Jan 2012

We remind you that comments on two IASB exposure drafts are due on 5 January 2012.

The two exposure drafts are:

  • Exposure Draft ED/2011/4 Investment Entities – published on 25 August 2011 and proposing to define 'investment entities' as a separate type of entity that would be exempt from the consolidation accounting requirements in IFRS 10 Consolidated Financial Statements. Those wishing to participate in the upcoming roundtables must have submitted a comment letter on the proposals
  • Exposure Draft ED/2011/5 Government Loans (Proposed amendments to IFRS 1) – published on 20 October 2011 and designed to address how a first-time adopter would account for a government loan with a below-market rate of interest when transitioning to IFRSs.

Yong Li and Marco Onado appointed as Trustees of the IFRS Foundation

03 Jan 2012

The Trustees of the IFRS Foundation have announced the appointment of Yong Li and Marco Onado as Trustees of the IFRS Foundation.

Yong Li is President of the Chinese Institute of Certified Public Accountants and a Vice Minister to the Ministry of Finance of the People’s Republic of China. President Li is a former Executive Director of the World Bank and a former First Secretary of the Chinese delegation to the United Nations.

Marco Onado is a Senior Professor of Financial Institutions at the Bocconi University in Milan, Italy. He is also Chairman of Pioneer Global Asset Management, a global investment manager. Professor Onado is a former Commissioner of the Commissione Nazionale per le Società e la Borsa (CONSOB), the Italian securities and markets regulator.

The appointments begin immediately and will expire in three years. The terms are renewable once. Please click for IASB press release (link to IASB website) and our overview of Trustees working currently for the IFRS Foundation.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.