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Press release
28 November 2014
Trustees welcome conclusions of the Effects Analysis Consultative Group
The Trustees of the IFRS Foundation today welcomed the conclusions of a report prepared for
them by an independent group of experts on how the International Accounting Standards Board
(IASB) could strengthen how it assesses and reports the likely effects of proposed International
Financial Reporting Standards.
The 2012 Trustees’ strategy review recommended that the IASB should work with relevant parties to
develop an agreed methodology for effect analyses. In response to this recommendation, the Trustees
established an Effects Analysis Consultative Group (the ‘Consultative Group’) to provide independent
advice on how the IASB undertakes and assesses fieldwork and how it shares the results of its fieldwork.
Membership of the Consultative Group includes representatives from a geographically and professionally
diverse group of stakeholders. A list of Members is included within the Notes to Editors.
The Consultative Group’s report identified a series of recommendations related to general purpose
financial reports, fieldwork and the reporting of likely effects. The Trustees will work with the IASB to
implement the recommendations of the Consultative Group, which will further embed effects analyses
within the IASB’s due process.
The full report can be read here.
Michel Prada, Chairman of the IFRS Foundation Trustees, commented:
“Many jurisdictions have a requirement to consider the likely effect of a new standard as part of
their endorsement processes. At present, much of this work is undertaken by the IASB during the
development of new Standards, and then often duplicated at a jurisdictional level as part of an
endorsement process once the IASB has issued the Standard.
The purpose of establishing the Consultative Group was to identify ‘best practice’ in the
assessment of the likely effects of a new Standard, and, in doing so, to seek to enhance the
confidence in, and efficiency of, the processes. I congratulate the members of the group on their
excellent work”
Hans Hoogervorst, Chairman of the IASB, said:
“The recommendations build upon our already extensive methodology for undertaking effects
analysis. It is important that this work enjoys the confidence of our stakeholders. We therefore
intend to implement the recommendations in full.”
The IFRS Foundation promotes the adoption of IFRSs and is the oversight body of the IASB
The IFRS Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, United States of America
Registered Office: 1209 Orange Street | Wilmington | New Castle County | Delaware 19801 | United States of America | Company No.: FC023235
Press enquiries:
Chris Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6495
Email: [email protected]
Effects Analysis Consultative Group
David Andrews, Head of Organisational Development, Financial Reporting Council, (UK)
Esther Bay, former member of the Accounting Standards Council, (Singapore)
Ewa Bialkowska, IFRS Director, KPMG, (UK)
Suzanne Q. Bielstein, Director—Planning and Support, Financial Accounting Standards Board, (US)
Philippe Bui, former Director of Research, Autorité des Normes Comptables, now Senior Adviser Service of
Professional Specialized Financing, Banque de France, (France)
Keryn Chalmers, Head of Accounting and Finance, Monash University, (Australia)
Professor Daniël Coetsee, Professor in Financial Accounting, University of Johannesburg, (South Africa)
Murtaza Dean, Senior Manager, Professional standards, Colins Barrows, (Canada)
Pieter Dekker, former Technical Director, European Financial Reporting Advisory Group, now Executive Director,
Ernst & Young, (UK)
Tommaso Fabi, Technical Director, Organismo Italiano di Contabilità, (Italy)
Chris Innes-Wilson, Group Chief Accountant, Standard Chartered Bank, (UK)
Dr Alexei Estrella Morales, Doctor en Contabilidad y Auditoria, Arista Gestoría Organizacional, (Ecuador)
Professor Claes Norberg, Director of Accountancy, Confederation of Swedish Enterprise, (Sweden)
Lucilene Pedro, Assistant Professor In Accounting, Universidade Paulista, (Brazil)
Professor Roman Weil, Professor Emeritus, Chicago Booth School of Business, Chicago University, (US)
Christelle Fontbonne Proniewski, European Commission
Patrick Parent, IOSCO
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IASB Members
Ian Mackintosh (Vice-Chairman)
Martin Edelmann
Patrick Finnegan
Chungwoo Suh
IASB Staff
Alan Teixeira, Senior Technical Director
IFRS Foundation Staff
David Loweth, Director for Trustee Activities
About the IFRS Foundation
The IFRS Foundation is the oversight body of the International Accounting Standards Board (IASB). The
Foundation, through the IASB, is committed to developing, in the public interest, a single set of high
quality, global accounting standards that require transparent and comparable information in general
purpose financial statements.
The Trustees of the IFRS Foundation promote the work of the International Accounting Standards Board
(IASB) and the rigorous application of IFRSs but are not involved in any technical matters relating to the
Standards. This responsibility rests solely with the IASB.
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