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Report on the June 2016 IFRS Advisory Council meeting

  • IFRS AC meeting (mid blue) Image

06 Jul 2016

The IFRS Advisory Council met in London on 13–14 June 2016. Significant topics on the agenda included (1) feedback received on the proposed changes to the IFRS Foundation’s Constitution, (2) the draft work plan and related communications following the 2015 Agenda Consultation, and (3) the proposed social media strategy.

The report — prepared by Vice-Chairs of the IFRS Advisory Council, Gavin Francis and Goro Kumagai — notes the following discussions:

  • Disclosure Initiative — The Council noted the increasing risk of a gap between expectations for the project and its actual delivery.
  • Trustee activity — A review of findings from the May 2016 Trustees' meeting in Jakarta.
  • Agenda Consultation — An in-depth discussion of the Board's draft work plan, and support for the emphasis placed on future implementation support activities.
  • Draft work plan — Council members supported the draft work plan and provided suggestions on how the Board could better support its fewer priority projects.
  • Technological disruption — The IT Faculty of the Institute of Chartered Accountants of England and Wales (ICAEW) held a presentation on technological disruption, including a discussion among members on (1) how technology is changing the preparation and use of accounting standards and (2) the effect of such changes on the IFRS Foundation.
  • IFRS Foundation social media strategy — In a private session, the council received a presentation on expanding the IFRS Foundations social media presence.
  • Leases timeline — Council members received a presentation about the timeline for the development of IFRS 16 Leases and the lessons learned from the project.
  • Member presentations — Two council members discussed their respective member organisations and how they work with IFRSs.

The next meeting of the IFRS Advisory Council is scheduled for 31 October–1 November 2016, in London. The full report on the council’s June meeting is available on the IASB's website.

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