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Report on the April 2017 IFRS Advisory Council meeting

  • IFRS AC meeting (mid blue) Image

14 Jun 2017

The IFRS Advisory Council met in London on 4–5 April 2017. Significant topics on the agenda included (1) financial stability and the IFRS Foundation, (2) wider corporate reporting, and (3) materiality.

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

  • Financial stability and the IFRS Foundation — Members of the Council received a presentation from the Secretary General of the Financial Stability Board. The presentation and ensuing discussion related both to a macroeconomic perspective of financial stability and to the key role of financial reporting standards as a foundation of financial stability. Members of Council then considered in breakout groups some key questions around the role of the IFRS Foundation in financial stability. One of the key messages to emerge was that financial stability is a byproduct of financial reporting and not the main objective.
  • Wider corporate reporting — The Council advised that it should be acknowledged that wider corporate reporting is becoming more important and that there is a role for the Board in this area although that role is not yet clear. There was broad support and encouragement for the Board to both undertake further research to obtain more information and to work with another body to consider further the role that the Board can play.
  • Materiality — Advice on the communications strategy for the Materiality Practice Statement included that the Board should be cognisant of the significant extent to which financial statements are likely to require revision as a result of the practice statement and should consider the communications strategy as a promotion and marketing exercise.

The next meeting of the IFRS Advisory Council is scheduled for 17–18 October 2017, in London. The full report on the council’s April meeting is available on the IASB's website.

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