Ms Paul currently serves as the Executive Vice-President and Chief Financial Officer of the Caisse de Dépôt et Placement du Québec. Her appointment to the IFRS Advisory Council begins immediately.

For more information, see the press release on the IASB website.

Under the IFRS Foundation Constitution, there are 22 IFRS Trustees, which are required to broadly reflect the world’s capital markets and have a diversity of geographical and professional backgrounds. Trustees are appointed for a three year term (with one possible renewal) and oversee the IFRS Foundation and the International Accounting Standards Board (IASB). For the 2015 vacancies, the IFRS Foundation is seeking Trustees from Europe, North America and for one "At Large" position.

Those interested in applying for the positions are asked to respond by 16 March 2014. More information for applicants is available through the press release on the IASB website.

The agenda for the meeting (as at 11 February 2014) is summarised below:

Agenda papers for the meeting are available on the IASB's website.

Topics discussed during the DPOC meeting were:

Update on technical activities

Updates were given on the progress of the major projects as well as implementation and maintenance projects on the IASB's work plan.

• Regarding hedge accounting, the DPOC noted that the project had been completed and final guidance had published in November 2013.
• On the classification and measurement project, the DPOC was informed that joint deliberations by the IASB and the US Financial Accounting Standards Board (FASB) had started in September 2013 but that the FASB, at its December 2013 meeting, had reached decisions that would mean the FASB would at least partially abandon convergence on this project. IASB representatives present at the DPOC meeting acknowledged that the situation was unfortunate and stated that the IASB would consider the position taken by the FASB at its February 2014 meeting.
• Regarding the impairment project, the DPOC was reminded that the prospect of convergence with the US was unlikely as the FASB, at its meeting in December 2013, had elected to proceed with its own expected credit losses model. The DPOC had questions regarding the differences between the IASB and the FASB model and especially what the views of the Financial Stability Board (FSB) were. The DPOC was informed that the FSB now accepted that there would not be convergence on impairment, but wanted to see the impairment proposals in place as soon as possible.
• On macro hedging, the DPOC was told that the IASB would shortly publish a Discussion Paper with an extended comment period as the issue is so complex.
• Regarding leases, the DPOC noted that there remained considerable concern among the constituents about the cost and complexity of the proposals in the second ED. They were informed that boards had started their redeliberations in January 2014 and hoped to reach decisions on major issues in March 2014. On the question of convergence, the IASB representatives noted that the risk of divergence could not be ruled out. They also pointed out that if important decisions could be reached in March 2014, an IFRS could be issued as early as beginning of 2015.
• For revenue recognition, the DPOC was informed that the proposed new Standard was in the process of being balloted and was expected to be issued in the first half of 2014. The suggested membership of the joint IASB/ FASB Implementation Group would be brought to the DPOC for its review before being announced.

Other major projects discussed insurance contracts and the conceptual framework.

The implementation and maintenance projects the DPOC was updated on were the disclosure initiative, bearer plants, proposed amendments to IFRS 11 and IAS 28 and the post-implementation review of IFRS 3. The DPOC also queried the decision by the Interpretations Committee not to add to its agenda a request to clarify IAS 19 regarding the discount rate. The IASB representatives noted that the issue of discount rates was a cross-cutting one and that a broader project on the issue had been added to the research programme.

IFRS 14 'Regulatory Deferral Accounts'

The DPOC received a report on the lifecycle of the due process to date on the project to develop an interim IFRS on the issue of rate-regulated activities. The DPOC challenged the IASB's decision to press ahead with the issue of an interim IFRS and asked whether the interim IFRS would result in less comparability, whether the interim IFRS raised an issue of fairness in being restricted to first-time adopters, after the significant level of resistance that the proposals had received, and the length of time the interim IFRS would remain in force, in particular if the main project on rate-regulated activities took a long time to complete. In discussion, the DPOC acknowledged the IASB's rationale for reaching the decisions it had on the interim IFRS but expressed the hope that such situations would be rare and temporary.

XBRL

The DPOC received an update on the previously approved plan of the IASB to restructure staffing and consultative activities related to electronic reporting. In particular, theses relate to: (1) the proposed changes to the due process for updating the IFRS Taxonomy and (2) proposals to replace the XBRL Advisory Council (XAC) and XBRL Quality Review Team (XQRT) with a single consultative group.

Update on consultative groups

The DPOC received an update on a number of consultative groups following the annual review that had been considered by the Committee at its July 2013 meeting: The Accounting Standards Advisory Forum (ASAF) remains very active, not least given its role as the consultative group on the conceptual framework project; the Capital Markets Advisory Committee (CMAC) will see a revised membership from the beginning of 2014 and efforts continue to broaden its membership in terms of both professional background and geographical representation; of the project-specific consultative groups (financial instruments, leases and insurance) none had held formal meetings for some time but the DPOC agreed with the staff's view to continue the three groups as lists of experts that the IASB could call on to get specific advice; the consultative group on Shariah-compliant Instruments and Transactions now features an expanded the membership as proposed at the DPOC's October 2013 meeting. The DPOC was also updated on the progress of the IASB's proposal to increase the size of the SMEIG to 30 members as from July 2014 and considered and approved proposals to amend the SMEIG's Terms of Reference and Operating Procedures.

Reporting of Outreach and Fieldwork and review of correspondence

The DPOC received an update on the staffs continuing efforts to improve the transparency of the reporting of feedback from outreach with investors and other users of financial statements and the reporting of the results of fieldwork undertaken on particular projects. The DPOC also noted that no new correspondence cases had been submitted since the October 2013 meeting.

Please click for the full summary of the meeting on the IASB's website.

The comment letter notes that equity accounting remains an area of controversy due to the lack of guidance in IAS 27 Separate Financial Statements on the purpose of separate financial statements or the principles underpinning the measurement of an entity’s investment in its separate financial statements. We suggest that the IASB develop an underlying basis for the preparation of separate financial statements and should evaluate whether in its separate financial statements an entity should be permitted to account for different types of investments on an inconsistent basis.

We do not agree with the suggested amendment to IAS 28 because we do not believe that the principles applied to loss of control over a subsidiary in IFRS 10 Consolidated Financial Statements should be applied in a situation where loss of control does not result in a change in the method of accounting applied because both subsidiaries and associates or joint ventures are accounted for using the equity method.

Click for the full comment letter.

This bulletin discusses:

• Unavoidable and avoidable issues of complexity in financial statements.
• Possible causes for complexity.
• Suggested guidance to the conceptual framework that may reduce the complexity.

Constituents wishing to comment on the views in the bulletins are invited to do so by 30 April 2014.

Please click to access the conceptual framework bulletin on complexity.

The full agenda for the meeting, dated 7 February 2014, can be found here.  We will post any updates to the agenda, and our Deloitte observer notes from the meeting, on this page as they are available.

The GRI has announced the availability of a new Content Index Tool which will create customised Content Index templates based on a reporter’s preferences. Also, a new G4 brochure has been developed to guide new reporters on sustainability reporting and the GRI. For more information, see the press release on the GRI website.

In addition, the GRI has developed linkage documents that align the guidance between G4 and other internationally-recognised frameworks. The linkage documents are:

• Making the Connection: Using the GRI G4 Guidelines to Communicate Progress on the UN Global Compact Principles
• GRI G4 Guidelines and ISO 26000: 2010 How to use the GRI G4 Guidelines and ISO 26000 in conjunction

Additional linkage documents are currently under development. For more information, see the press release on the GRI website.

The GRI has also developed “Sector Disclosures” documents which transition G3 and G3.1 Sector Supplements to be compatible with G4. Currently, Sector Disclosures are available for the following sectors: (1) financial services, (2) oil and gas, (3) mining and metals, and (4) electric utilities. It is expected that six additional Sector Disclosures on airport operators, construction and real estate, event organisers, food processing, media, and NGO will be completed by the end of February. For more information, see the press release on the GRI website.

Further, the GRI has initiated a G4 XBRL Reports Program to promote the benefits of the GRI Taxonomy 2013, increase the interest in its voluntary filing program, and provide examples of XBRL-tagged reports. For more information, see the press release on the GRI website.

The Terms of Reference and Operating Procedures are updated by the Trustees of the IFRS Foundation from time to time to reflect changes in circumstances, due process or requirements.

In October 2012, the Trustees approved an expansion of the membership of the SMEIG from 22 to a maximum of approximately 30 as of 1 July 2014, together with proposals to stagger the terms of membership from that date. And in April 2013, the IASB decided that the current SMEIG Q&A programme would continue as a two-tier system which will result in 'authoritative guidance' and non-mandatory 'educational material'.

The Terms of Reference and Operating Procedures have therefore been updated to reflect these decisions. Nominations for membership of the expanded SMEIG are still possible until 28 February 2014.

Please click for the following information on the IASB website:

• Press release
• Updated Terms of Reference and Operating Procedures

Members are expected to attend approximately six two-day meetings each year held in London. Terms of membership will begin on 1 July 2014 and will expire on 30 June 2017. Membership is unpaid, but the IFRS Foundation meets members' expenses of travel on IFRIC business.

Applications are accepted until 8 March 2014.

Please click for more information on the IASB's website.