Institute welcomes IASB and FRC representatives

Oct 31, 2019

Attendees representing Institute members and other stakeholders were in Chartered Accountants House last Wednesday (30 October 2019) to meet with representatives of the International Accounting Standards Board (‘IASB’) and the Financial Reporting Council (‘FRC’), and hear presentations on IFRS and UK/Irish GAAP.

Dr Brian Keegan, Director of Advocacy and Voice at the Institute, welcomed speakers and attendees to the event.

The first presentation was from Gary Kabureck, IASB Board member, who presented on current and upcoming developments in IFRS, including the Board’s projects on the Disclosure Initiative, Primary Financial Statements, IBOR Reform, Business Combinations, and Goodwill and Impairment.

Anthony Appleton, Director of Accounting and Reporting Policy at the FRC then discussed the key findings from the FRC’s Annual Review of Corporate Reporting, which had just been issued that morning, while Jenny Carter, Director of UK Accounting Standards at the FRC reminded attendees of the recent changes in UK/Irish GAAP that are effective this year, recent narrow scope amendments and planned developments in UK/Irish GAAP. Phil Fitz-Gerald, Director of the Financial Reporting Lab at the FRC, introduced the work of the Lab, which brings together companies and investors to support improvement and innovation in reporting, discussed recent Lab reports, and invited those interested in being involved in Lab projects to contact him.

An informative Q&A session, led by Terry O’Rourke, chair of the Institute’s Accounting Committee, followed the presentations.

Photographs from the event