investor outreach and education - cfa institute - investor... · the views expressed in this...

The views expressed in this presentation are those of the presenter,

not necessarily those of the IASB or IFRS Foundation.

International Financial Reporting Standards

Investor Outreach and Education

Meeting with IAIP

Mumbai, July 2014

© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Ian Mackintosh, Vice-Chairman, IASB

Kumar Dasgupta, Technical Director, IASB

2 Agenda

• Why does the IASB talk to investors? – Who do we talk to?

– When do we talk to them?

• Overview-what do we do? – Investment community engagement team

– Investor outreach

– Investor education

• Common topics with investors

• The investor engagement team


• They are our customers!

• Investors are referred to as the ‘primary users’ of financial

statements − ‘primary user’ is defined in the Conceptual Framework as …existing

and potential investors, lenders and other creditors who cannot

require reporting entities to provide information directly to them and

[therefore] must rely on general purpose financial reports (OB5).

Why does the IASB talk to investors?


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• Buy-side investors, for example: − Investment management organisations

− Pension plans

• And their primary advisors, including: − Sell-side analysts

− Credit rating agencies

• And the major ‘trade associations’, including: - CFA Institute

- Corporate Reporting Users’ Forum (CRUF)

- European Federation of Financial Analysts Societies (EFFAS)

- The Securities Analysts Association of Japan (SAAJ)

Who do we talk to?


4

When do we talk to investors?


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What does the investment community engagement team do?


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Enable communication with users/investors

• Prioritising who the IASB speaks to (eg investor

outreach)

• Developing a value proposition

• Helping project teams ensure effective engagement

Investment Community Engagement Team approach


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• Examples of investor resources:

– IASB website (ie Investor Resources webpage, Investor

Perspectives articles)

– Capital Markets Advisory Committee (CMAC)

– Investor Subcommittee of the Advisory Council

• Staff presentations

• Investor sessions at IFRS Conferences

• Investor education

Overview: Investor Outreach


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• Discussion Papers

– Conceptual Framework (the use of profit or loss versus

other comprehensive income)

– Dynamic Risk Management

– Rate-regulated activities

• Exposure Drafts

– Leases

– Insurance

– Disclosure issues

• Final Standards

– Revenue from Contracts with Customers

• Post-implementation Reviews

– Business Combinations

Outreach in 2014


9

• Investor Education – part of Education Initiative; works

closely with Investor Liaison

• Produces investor-oriented education materials to: – enhance investors’ knowledge of IFRSs and their

understanding of the judgements and estimates in

applying IFRSs.

– improve investor understanding

– can help reduce the perceived need for industry-specific

guidance;

– indirectly contribute to increased consistency in how

IFRSs are applied;

– reduce IFRS adoption barriers.

• Works with investor associations

Overview: Investor Education


10

• Contributing to Investor Outreach

• Developing material on finalised IFRS – Revenue

– Financial Instruments

– Pensions

• Developing educational content with CFA Institute – Take 15 webcasts in development

• Building a training and development programme for IASB

staff

Education in 2014


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Common topics with investors


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• Investor Outreach – Barbara Davidson, Principal, Investor Liaison

Programme ([email protected])

• Investor Education – Fred Nieto, Investor Education Manager ([email protected])

• Investor Resources on IFRS Web-Site – Investor newsletter

– Investor perspectives

Go to: http://www.ifrs.org/Investor-

resources/Pages/Investors-and-IFRS.aspx

The Investor Engagement team


13

Thank you 14


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