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Finnish Banker Named IFRS Chairman

On Wednesday, the IFRS Foundation announced that Erkki Liikanen will succeed Michel Prada as the organization’s next chairman. Liikanen joins the IFRS Foundation after serving the last 14 years as governor of Finland’s central bank. He will serve a three-year term starting in October. Representing the panel that oversees the IFRS Foundation, Monitoring Board chair Jean-Paul Servais said Liikanen will be instrumental in leading the Foundation due to his senior international experience, financial sector knowledge, and international network and diplomatic skills. Prada also issued a statement on Liikanen, wishing him the best in leading the Foundation towards global adoption of. Read More.

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IFRS Trustees Propose Amendments to Constitution

In an effort to extend the tenures of the IFRS Foundation’s trustee chair and vice-chairs, the Foundation’s trustees are proposing slight amendments to the Constitution. Outlined in the Exposure Draft Amending the Terms of Appointment for the IFRS Foundation Trustee Chair and Vice Chairs , the proposed changes would increase the trustee chair’s maximum tenure to nine years (currently six years), three three-year terms, counting any prior period that they might have served as a trustee. Additionally, the Exposure Draft lists an amendment that gives the option to appoint the chair from among the trustees or externally. Also noted in the amendments is that the vice-chairs would be appointed from the trustees and can serve a. Read More.

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IFRS Foundation Issues Draft Guidance for SMEs

The International Financial Reporting Standards (“IFRS”) Foundation is requesting feedback related to its draft guidance regarding the IFRS for SMEs (small and medium-sized enterprises) Standard. Announced in a June 26 press release , the draft guidance is in a question-and-answer format and was authored by the SME Implementation Group. The draft guidance includes answers on how a parent company should disclose a financial guarantee in its financial statements. Comments on the draft guidance are due Friday, September 1.

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