IFRS Foundation Winds Up Paris Meeting
The Trustees of the IFRS Foundation, the body responsible for the governance and oversight of the International Accounting Standards Board (IASB), have concluded their meeting in Paris, France on 13 October 2011.
The IFRS Foundation Trustees, the Autorité des normes comptables (ANC), the French accounting standard-setter, and the major French business organisations (Acteo, AFEP, MEDEF, and MiddleNext) jointly hosted a seminar and dinner with French business leaders. The event provided an opportunity for greater dialogue between the IFRS Foundation and French stakeholders, and also the broader European official and business communities, on the IASB’s work on IFRS.
The Trustees’ Executive Committee reviewed feedback received in response to the publication of the preliminary conclusions of the Trustees’ strategy review.
The Executive Committee reported on the 74 comment letters received in response to the strategy review consultation, noting the seven round table discussions that had been held around the world.
The Committee noted the review’s focus on adoption of IFRSs, continued support for preserving the independence of the IASB, the continued focus on the increased intensity of the DPOC’s activities, and the importance attributed to the consistency of adoption of IFRSs across all jurisdictions in pursuit of the G20-supported goal of developing globally consistent financial reporting standards.
The Committee noted that the strategy review is now largely complete. The Trustees and the IFRS Foundation Monitoring Board have previously announced their shared desire to coordinate the actions resulting from strategy review with the conclusions resulting from the Monitoring Board’s own governance review.
In line with that announcement, once the Monitoring Board has completed its own governance review, the Trustees will work with the Monitoring Board in order to deliver the integrated package of reviews. This integrated package is expected to be completed shortly.
On the other hand, the Chair of the Trustees’ Nominating Committee provided an update on the search for a new Chair of the IFRS Foundation Trustees, to succeed Tommaso Padoa-Schioppa. The search process is being conducted in cooperation with the IFRS Foundation Monitoring Board.
The Trustees reviewed the Nominating Committee’s progress and agreed to the next steps, which will lead to a formal recommendation by the end of this year.