Cancellation of the January 2009 IFRIC meeting
The International Accounting Standards Board (IASB) has advised that the meeting of the International Financial Reporting Interpretations Committee (IFRIC) scheduled for 8 and 9 January 2009 has been cancelled. Reasons for the cancellation are provided on the IASB’s website.
At the IFRIC November 2008 meeting, the committee voted to approve a consensus on draft Interpretation D24 Transfers of Assets from Customers (formerly ‘Customer Contributions’). It also decided that the near-final draft of the final Interpretation should be posted on the IASB’s website for a longer than normal period to give those constituents who wished to do so time to comment on it. The staff expects to post the near-final draft by the end of the week commencing 8 December.
Alos, the trustees of the International Accounting Standards Committee (IASC) Foundation, the body that oversees the International Accounting Standards Board (IASB), has announced that Paul Cherry has been appointed as Chair of the Standards Advisory Council (SAC) for three years beginning on 1 January 2009.
The Standards Advisory Council is the formal advisory body to the IASB. It provides a forum for the IASB to consult a wide range of representatives of users and preparers of financial statements, financial analysts, auditors, regulators and professional accounting bodies that are affected by and interested in the IASB’s work. The Council meets three times a year to advise the IASB on issues including the IASB’s agenda and work programme.
Mr Cherry is currently the Chairman of the Canadian Accounting Standards Board, a role which he will step down from in March 2009.