The International Accounting Standards Board (Board) is seeking participants for a new consultative group that will advise the Board on its project to update IFRS Practice Statement 1 Management Commentary (Practice Statement).
The aim of the group is to provide the Board with access to practical experience and expertise in developing, implementing and using management commentary regimes, and to advise the Board as it develops proposals for updating the Practice Statement.
Background
The Practice Statement provides a framework for presenting management commentary that accompanies financial statements prepared in accordance with IFRS Standards. Management commentary provides information intended to assist existing and potential investors, lenders and other creditors with interpreting information included in financial statements and with making better economic decisions.
In the light of increasing stakeholder interest in financial information provided outside financial statements, in November 2017 the Board added to its agenda a project to update the Practice Statement. Further information on the project is available on the Management Commentary project page.
Candidates for membership
The Board is seeking candidates who have:
- a deep understanding of the information that existing and potential investors, lenders and other creditors need from management commentary and of areas of current practice where those needs are, or are not, being met; or
- expertise in developing or implementing management commentary regimes designed to meet those needs.
The Board will also invite securities regulators to participate as observers.
Members of the consultative group will be expected to contribute constructively to discussions from a broad perspective, not only considering the practice and requirements in their home jurisdictions.
The Board expects that the consultative group will have between 10 and 15 members and observers.
The need to establish an appropriate geographical mix will be taken into account when considering applications. Priority will be given to applicants whose expertise covers financial reporting over a broad base of subject matter areas.
Administrative matters
Members of the consultative group will serve on a voluntary, unpaid basis. They will be responsible for their own travel and accommodation costs when attending meetings. Members will act in their personal capacity and substitutes will not normally be accepted if members are not able to attend.
The Board expects to hold at least four consultative group meetings during the course of the project. Additional follow-up meetings may be scheduled.
All meetings will be held in London and will be open to observation by members of the public. Recordings of the meetings and papers discussed by the consultative group will be made available on the IFRS Foundation website.
Applications
For more information, and if you wish to apply to become a member of the consultative group, please email your resume and a brief description of how you meet the criteria to managementcommentary@ifrs.org. The deadline for applications is 20 April 2018.
