IFRS Trustees Support Draft Conclusions
The Chair of the IFRS Advisory Council reported on the October 2011 meeting of the Advisory Council. He noted that the meeting represented the last meeting of the current membership of the Council, with six Trustees represented at the Council meeting.
Paul Cherry reported on the Council’s discussions with the IASB regarding the completion of the remaining convergence projects, on the future agenda of the IASB and on the need to take a pragmatic approach towards the completion of the IASB’s conceptual framework project.
The Chair noted that the draft conclusions of the Trustees’ strategy review were broadly supported by Council members. The Council also supported the direction of the IFRS Interpretations Committee review and recognised the need for future additional guidance to be provided by the Committee.
Paul Cherry also reported on concerns among Council members regarding inconsistent application of the standards, and asked that the Trustees should give consideration to developing mechanisms to report on and address such issues.
The Chair also noted the desire of the Council to ensure high levels of transparency and awareness of their role in advising the IASB, noting the intention to work with the IFRS Foundation’s Communications and Education functions to draw attention to the work of the Council.