Report on the February 2021 IFRS Advisory Council meeting

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16 Mar 2021

A summary report has been released of the meeting of the IFRS Advisory Council held by remote participation on 23 February 2021.

The participants discussed:

  • Updates on Trustees and Board’s Activities — The Advisory Council received an update on recent Trustee activities that focused on the consultation paper on sustainability reporting , reorganisation of the work of the Trustees, and work on developing post-covid-19 working practices. There was also an update on recent Board activities that focused on consultations that had been published since the Council’s last (November 2020) meeting, the post-implementation reviews of IFRS 9 and IFRS 10-12, and recently published educational material.
  • Response to the Trustees’ consultation on sustainability reporting — Council members discussed:
    • delineation between the work of the Board, in particular on management commentary, and the work of the potential SSB,
    • the ongoing engagement and collaboration by the IFRS Foundation with other bodies to ensure existing initiatives are built upon and work by the Foundation does not slow progress or duplicate steps already taken,
    • the strong credibility that the IFRS brand can give to sustainability reporting,
    • the importance of continuing engagement with market participants,
    • the desire for knowing the timing of the release of sustainability standards, and
    • steps that need to be taken to ensure appropriate funding and technical expertise are in place to support the establishment of a SSB, and
    • the need to revise the IFRS Foundation Constitution.
  • Post-COVID-19 working practices — Feedback amongst Advisory Council members included:
    • the need for a sound structure that overarches diverse personal employee preferences,
    • global competition for talent,
    • a gradual approach towards remote working options,
    • the importance of equity for employees,
    • challenges of a hybrid working model,
    • the idea of having core days when most employees are at the office and flexible days when people can work at home,
    • awareness that an office working environment can help maintain an international culture, and
    • challenges with future employee turnover.

The full meeting summary is available on the IASB's website. There are also recordings of the individual sessions.

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