In January 2011, following the tragic and untimely death of Tommaso Padoa-Schioppa, the Trustees of the IFRS Foundation reaffirmed their commitment to maintaining the existing time line for the strategy review. At the same time, they clarified the time table for completing the strategy review. Specifically, the Trustees decided to conduct a further round of public consultation on their conclusions. The Strategy Review was concluded in February 2012.
||Second five-yearly Constitution Review was completed. The Trustees agreed to initiate a strategy review.
||The Trustees agreed the scope and process for the strategy review. The Trustees’ Executive Committee, chaired by Tommaso Padoa-Schioppa, managed the review on behalf of the Trustees.
||The Executive Committee held preliminary discussion on strategy review topics
||The Trustees had first plenary discussion on the strategy review at their Seoul meeting.
The Executive Committee agreed to seek stakeholder advice at early stages of the strategy review.
The Trustees discussed the strategy review with the IFRS Foundation Monitoring Board.
||The Trustees published a consultation document Status of Trustees’ Strategy Review, with comment deadline of 24 February 2011 (extended from 31 December 2010).
||The Executive Committee met to consider possible conclusions to be adopted after consideration of public comment.
||The Executive Committee developed preliminary conclusions to discuss with full Trustees at their Tokyo meeting, which would later be considered against public comment received.
||The Trustees analysed public comments and met the IASB and the IFRS Advisory Council before reaching final conclusions.
||The Trustees agreed conclusions for the strategy review at their London meeting.
||A paper summarising and a separate paper analysing the feedback received in response to November 2010 public consultation document Status of Trustees’ Strategy Review were published.
The Trustees published a report and further consultation on the strategy review called Report of the Trustees’ Strategy Review: IFRSs as the Global Standard: Setting a Strategy for the Foundation’s Second Decade with a comment period with a deadline of July 2011 to provide guidance on actions to be implemented - click hereto view.
||The Trustees organised public round tables in Hong Kong, London, New York and Tokyo to enhance stakeholder engagement on its April 2011 Strategy Review document - click here for details.
||The Trustees and the Monitoring Board co-ordinated closely to develop a package of improvements following public consultation, expected to be issued in 2012.
||A paper analysing the feedback received in response to April 2011 public consultation document entitled Report of the Trustees’ Strategy Review: IFRSs as the Global Standard: Setting a Strategy for the Foundation’s Second Decade was reviewed by the Trustees at their Paris meeting in October 2011.
It was agreed that the Trustees should work closely with the Monitoring Board in issuing a joint review document.
The Trustees will conduct required due process to adopt changes in the IFRS Foundation’s Constitution, if appropriate.
||The Trustees and the Monitoring Board announced conclusions of their Strategy and Governance Reviews. Click here to read the press release.