Report on the September 2021 IFRS Advisory Council meeting

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20 Oct 2021

A summary report has been released of the meeting of the IFRS Advisory Council held by remote participation on 13 September 2021.

The par­tic­i­pants discussed:

  • Update on Trustees Ac­tiv­i­ties — Received an update on recent Trustee ac­tiv­i­ties which included the G7 and G20 meetings, the FSB report on the IFRS Foundation sustainability-related reporting, IFRS Foundation Constitution and work of the Technical Readiness Working Group, funding and establishment of the International Sustainability Standards Board.
  • Update on Board Activities — Received an update on recent Board activities which include changes in the membership of the Board, publishing of three consultation papers, the addition of three projects to the workplan, and other significant developments. In addition, the Advisory Council discussed the review of the Management Commentary Practice Statement and the work of the ISSB, post-implementation review of IFRS 9, the Dynamic Risk Management project, and the work being conducted between the IASB and FASB to maintain the converged goodwill and impairment project.
  • Update on the sustainability-related reporting project — Discussed matters related to IASB, TRWG, and ISSB.
  • Update on the IFRS Foundation Constitution’s consultation — Discussed the objective of the IFRS Foundation and how the Constitution can articulate the concept of interconnectivity between the IASB and the ISSB. In addition, the Council discussed the naming and branding of the new Board and its Standards.
  • Update on sustainability-related work of the US SEC — Updated on the progress of the US SEC’s climate change disclosures proposals
  • Update on the TRWG — Presented with an overview of the TRWG structure, proposed architecture for new standards, connectivity between the IASB and the ISSB, and outreach programme. The Council discussed the importance of collaborating with relevant parties in each region to collect a diverse range of feedback, importance of industry-specific metrics, how to assess what material for its sustainability-related disclosures, and achieving coordination between global baseline and jurisdictional initiatives.

The full meeting summary is available on the IASB's website.

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