After the usual remarks on IFRS adoption around the world, Mr Hoogervorst turned to the main message of his speech. He explained that "preparers sometimes experience financial reporting as too much of a compliance exercise and investors sometimes believe that the financial statements depict performance in an insufficiently clear manner". As he noted, valuable information gets drowned out by ‘tick the box’ disclosures and voluminous, but poorly organised and presented financial data. Mr Hoogervorst also commented on preparers presenting alternative performance measures that are not based on IFRSs to paint a rosier picture than reality. Finally, he mentioned non-financial information on, for example, sustainability issues.

To help investors see what preparers are actually saying, the IASB therefore needs to do more work to increase the communication effectiveness of financial statements, as Mr Hoogervorst said. To this end, and to make sure that financial statements communicate as clearly as possible what preparers are doing, the IASB will take a fresh look at how financial information is presented, how it is grouped together, and in what form it is made available.

The main projects Mr Hoogervorst mentioned that will contribute to this mission are the the project on primary financial statements, the disclosure initiative, and the project on financial instruments with characteristics of equity. He also promised that the IASB would have a closer look at digital reporting and non-financial reporting.

Please click to access the full text of Mr Hoogervorsts's speech on the IASB website.

The IFRS Interpretations Committee will continue its discussions on an IAS 12 issue, deliberate comment letters received on the draft interpretations on IAS 21 and IAS 12 as well as on an issue relating to IAS 19/IFRIC 14, and finalise agenda decisions on IFRS 11 and IFRIC 12.

The full agenda and our detailed pre-meeting summaries for the meeting can be found here. We will update this page for any changes to the agenda and our Deloitte observer notes from the meeting as they become available.

The webcast discusses the measurement of lease liabilities (lease term, variable lease payments, in-substance fixed lease payments, discount rate) and the measurement of right-of-use assets.

The new webcast and all previous webcasts of the series available on the IFRS 16 implementation page on the IASB’s website.

The International Integrated Reporting Council (IIRC) has made available another publication in its <IR> Creating Value series that focusses on human capital within a business. It highlights the value of reporting on human capital, sharing some of the developments and experimentation taking place in this area. It also identifies the benefits of human capital management and reporting, including the particular benefits to be gained from applying Integrated Reporting. Please click to access The value of human capital reporting on the IIRC website.

Singapore’s local bourse, the Singapore Exchange (SGX), officially launched its guidelines on sustainability reporting which mandates that all listed companies report on a ‘comply or explain’ basis from financial year 2017. More information is available on the SGX website.

The Hong Kong Exchanges and Clearing Limited (HKEX) recently updated its own ESG Reporting Guide and adopted "comply or explain" provisions for certain disclosure obligations in order to assist companies in their goals of being more transparent and accountable to their stakeholders. A linkage and gap analysis document connecting the HKEX ESG Reporting Guide and the GRI G4 Guidelines has also been developed. More information is available on the GRI website.

This issue of Investor Perspective features:

• An examination of capitalisation tables;
• A closer look at the IASB's projects on Conceptual Framework and financial instruments with characteristics of equity;
• A solicitation for ideas on "more efficient and effective way for investors and lenders to obtain a comprehensive picture of the rights and obligations created by a company’s liability and equity claims"; and
• Recent resources related to disclosure effectiveness.

For more information, see the June 2016 edition of the Investor Perspectives newsletter on the IASB’s website.

The development is reflected in an updated EFRAG endorsement status report.

The symposium on accounting research will gather together academics, international standard-setting representatives, finance and accounting directors, chartered accountants and external auditors around series of round tables on 'Accounting and Performance' and measurement issues. Debates will focus on for whom should performance be designed, which time horizon to take into account, the relevance of the information to publish and its link with the European public good. Participation in the symposium is free of charge, however, prior registration is required.IAS Plus observers will be present at the symposium.

Please click for the formal invitation and registration on the ANC website.

Sketching progress that has been achieved in the regulatory field after the global financial crisis, Mr Hoogervorst first pointed at the increased use of IFRSs around the world. This, he stated, has brought "tremendous benefits to the global economy in terms of transparency, accountability and efficiency". In terms of standard-setting he then mentioned the completion of IFRS 15 and IFRS 16 and the near completion of the new standard on insurance contracts. The completion of IFRS 9 he called the IASB's main response to the financial crisis.

Looking more deeply into IFRS 9 Financial Instruments, Mr Hoogervorst explained the new expected loss model that means that full lifetime losses will have to be recognised as soon as a significant increase in credit risk has taken place. He noted that implementation of the expected loss model will require considerable effort, particularly in jurisdictions where the banking system is suspected of harbouring a lot of problem loans. In these jurisdictions proper implementation of IFRS 9 could be a huge challenge for auditors, market and prudential regulators. He warned and encouraged his audience:

Expect to hear a lot of complaints, but stand resolute in your determination to do the right thing!

After discussing accounting, Mr Hoogervorst strayed beyond the remit of the IASB and offered his thoughts on audit, bank capital, leverage in the global economy, and unchartered waters in general.

Please click to access the full text of Mr Hoogervorst's speech on the IASB website.

Deloitte UK offers a website dedicated to the EU referendum and its result offering insight papers, perspectives and access to webinars on what this change can mean.