The International Financial Reporting Standards Foundation (IFRS Foundation) Trustees have established a new strategic insights group, the IFRS Foundation Group of Fellows.
It will focus on providing critical evidence and enhance the trustees’ comprehension of the impact of IFRS standards on the global economy.
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The group will also address strategic matters pertinent to the IFRS Foundation’s future.
Chaired by Lucrezia Reichlin of the London Business School, the group is composed of individuals recognised for their thought leadership and scholarly accomplishments.
Reichlin, who previously served as a trustee of the IFRS Foundation, will lead the team that includes members such as Patrick Bolton from Imperial College London, Ma Jun, president of the Institute of Finance and Sustainability in Beijing, and Christian Leuz from the University of Chicago Booth School of Business.
The group also includes Luiz Awazu Pereira da Silva, the former deputy general manager of the Bank for International Settlements and former deputy governor of the Central Bank of Brazil.
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By GlobalDataAppointed by the Trustees’ invitation, members will serve an initial three-year term, meeting periodically to report back and support the Trustees’ evidence-based decisions.
IFRS is a collection of accounting standards developed and upheld by the International Accounting Standards Board (IASB).
In a separate development, the IASB has initiated a public consultation on proposed amendments to assist companies in accounting for investments in associates and joint ventures.
The amendments aim to clarify the application of the equity method in response to stakeholders’ inquiries, as outlined in IAS 28 Investments in Associates and Joint Ventures.
The IASB’s proposed amendments seek to reduce diversity in practice and provide more comparable and useful information to users of financial statements.
These include new disclosure requirements that will improve the transparency of such investments.
IAS 28, first issued in 1989, has been reorganised to aid companies in applying the standard more logically and consistently.
Stakeholders are have been called on to offer their feedback on the proposed amendments until the comment period closes on 20 January 2025.
