May 2021 IFRS Advisory Council meeting report available

The meeting of IFRS Advisory Council was held on 11 May 2021. The meeting summary has now been published.

One of the topics discussed was the Third Agenda Consultation. The Advisory Council members discussed the strategic direction and balance of the Board’s activities for 2022 to 2026 and provided comments on the Board’s six main activities, including

• New IFRS Standards and major amendments to IFRS Standards
• Maintenance and consistent application of IFRS Standards
• The IFRS for SMEs Standard
• Digital financial reporting
• Understandability and accessibility of the Standards
• Stakeholder engagement

General comments from the Advisory Council members included:

• The possibility to involve external partners in some areas (eg, digital financial reporting) to help alleviate some of the Board’s capacity constraints.
• Feedback on the third agenda consultation may also provide valuable information for future work of the ISSB and its standard-setting processes.
• The need to allocate some of the Board’s resources to coordinating the work of the Board and a new ISSB.
• IFRS 17 Insurance contracts has started becoming quite topical.

The meeting summary may be accessed here.