Deficit in IFRS Foundation Down by 28pc in 2010
From the projected deficit figure of £1.8 million, last year’s operating deficit of the IFRS Foundation was reduced to £1.3 million, down almost 28pc, according to the Trustees that bared their report April 28 after meeting with the Monitoring Board.
The Trustees and the Monitoring Board bared yesterday their coordination to take forward efforts to review the IFRS Foundation’s governance and strategy. The review will revolve around the composition and respective responsibilities and roles of the Monitoring Board, Trustees and IASB.
Among the discussions that ran during the meeting between the Trustees and the Monitoring Board on March 30 and 31 was the ongoing review of the strategy of the IFRS Foundation following the publication of a consultation document in November 2010.
The Trustees reviewed the 94 comment letters received after the consultation, and noted a general desire to coordinate actions as a result of their strategy review with the ongoing governance review conducted by the IFRS Foundation Monitoring Board.
The Trustees opened for a 90-day public comment period the summary of their initial conclusions on the strategy review, which is expected to culminate on the third quarter of 2011.
With regards to the standard-setting activities of the IASB, David Sidwell, chair of the Trustees’ Due Process Oversight Committee (DPOC), reported that the DPOC will make recommendations following a benchmarking of the IASB’s due process against other comparable international organizations.The recommendations are part of the strategy review.
Sidwell went on to say that the DPOC will include within its purview the standard-setting process followed by the IFRS Foundation in developing an XBRL Taxonomy for IFRS.
Meanwhile, IASB chair David Tweedie said that the boards are keeping their focus on the projects to improve and align accounting standards dealing with revenue recognition, leases and financial instruments. New accounting standard on insurance contracts is also part of the projects.
According to Tweedie, the boards have already spent more than five years in working on these projects, meeting all mandatory and optional due process requirements along the course of developing new standards.
The Trustees sought to coordinate education activities by approving strategic plan that will run from 2012 to 2016.
The program includes IFRS events such as IFRS-related conferences and ‘train-the-trainer’ programs and the development of educational materials to push for the global adoption of IFRS and IFRS for SMEs.