Report on the November 2015 IFRS Advisory Council meeting

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10 Dec 2015

The IFRS Advisory Council met in London on 2–3 November 2015. Highlights of the meeting were thorough discussions of the Review of structure and effectiveness of the IFRS Foundation and of the Agenda consultation 2015.

The report, prepared by Chair of the IFRS Advisory Council Joanna Perry, notes the following discussions:

  • IFRS adoption in Japan — Goro Kumagai, Vice-Chair of the IFRS Advisory Council, noted significant progress made in Japan around the acceptance and use of IFRS.
  • Trustee activities — Sheila Fraser, Vice-Chair of the Trustees, shared information around the responsibilities and processes of the Trustees’ nominating committee and noted that an informal review of the composition of the Council was being considered.
  • Review of the structure and effectiveness of the IFRS Foundation— The discussion of the review brought the most discussion and feedback from the members of the Council:
    • Members showed little support for the IASB extending its remit;
    • They supported the current approach on wider corporate reporting, the current three-tier structure, and the current approach regarding the taxonomy;
    • They recommended to ensure that the composition of the Trustees remains relevant;
    • There was discussion around how the IFRS Foundation as a whole could remain knowledgeable about technology; and
    • Members were split on the benefits of a smaller or larger IASB.
  • IASB activities — Members received a report of recent activities and raised the question about the length of time it takes the IASB to produce documents and whether there are more efficient and effective ways of doing so.
  • Exchange with the US Financial Accounting Standards Advisory Council (FASAC) — The Council received an update on the structure, the work and current initiatives of the FASAC and considered whether there were any learnings from FASAC, or initiatives that could be considered by the IFRS Advisory Council.
  • Agenda consultation — There was little feedback on the projects as such, however, pre-issue processes and translation questions were raised.
  • Members' communications — Members reported about activities at the Monitoring Board, the European Accounting Association, and the European Union.

The next meeting of the IFRS Advisory Council is scheduled for 23–24 Febraury 2016, in London. The full report on the council’s November meeting is available on the IASB's website.

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