Summary of the January 2013 Trustees' meeting

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13 Feb 2013

The IFRS Foundation Trustees' have announced the summary of the conclusions for their meeting held in Hong Kong on Thursday 24 January 2013.

The summary of the meeting consists of the following reports:

  • Trustees' Executive session
    Some of the topics discussed during this session revolved around the Trustees' international strategy, the challenges occurring by the lack of a decision by the US Securities and Exchange Commission in regards to the adoption of IFRSs in the United States, the G20's objective, funding of the organisation, feedback on the November 2012 proposal to create the Accounting Standards Advisory Forum, and the strategy proposals for developing XBRL for the IASB.
  • IASB Chairman
    Hans Hoogervorst provided an update on the IASB's current activities. Some of the report discussed the current state of the convergence projects with the FASB. A final standard on revenue recognition is expected to be issued mid-2013. Exposure drafts on leases and insurance contracts are expected in the first half of 2013. On the impairment project, an exposure draft on the IASB 'three-bucket' model is expected as soon as possible, with the aim to finalise impairment requirements in 2013.
  • Due Process Oversight Committee Chairman
    Scott Evans discussed the events from the January 2013 DPOC meeting which had topics covering the revisions to the Due Process handbook, the Feedback statement and Due Process Protocol. The Trustees have approved all three items for publication. Other items reported on were reviews of (1) process regarding educational materials, (2) IASB's current technical activities, (3) web site improvements, (4) approval of Darrel Scott as chair of the SMEIG, and (5) correspondence.
  • Korean experience of IFRS adoption
    A presentation and report was provided detailing the efforts Korea went through during their adoption to IFRSs.
  • Monitoring Board representatives meeting
    An update was provided on the progress made in following up the recommendations of the review of the governance of the organisation.
  • Regional outreach activity
    The Trustees hosted jointly with the Hong Kong Institute of CPAs a panel discussion on the future of financial reporting. A video of the discussions is available on the IASB website.

The full summary of conclusion of the IFRS Foundation Trustees' meeting is available on the IASB website.

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