CFRA and IASB Webinar

The International Accounting Standards Board (IASB) and CFRA co-hosted a webinar where we sought investors' perspectives and feedback on what the Board’s priorities should be over the next five years. This webinar was an opportunity for investors to shape the work of the IASB, and ultimately influence the financial statements of companies that report under IFRS Standards.

During the webinar, we discussed:

An introduction to the IASB’s Third Agenda Consultation, including:

Strategic direction and balance of the IASB’s activities
Financial issues to prioritise and the criteria for adding project’s to the IASB’s work plan
How investors can engage with the Board in providing feedback to this consultation

CFRA’s views about three financial reporting topics that are important to investors, and that the IASB should consider prioritising:

Intangible Assets: How a project on IAS 38 Intangible Assets and possible solutions could address investors’ concerns.
Expenses - Inventory and Cost of Sales: Insights investors can gain from enhanced disclosure. The merits of developing an IFRS Standard for cost of sales (including cost of goods sold and the cost of providing services), consistent with the principles from IFRS 15 Revenue from Contracts with Customers.
Statement of Cash Flow and Related Matters: How investors would benefit from a project to review the presentation and disclosure of information about cash flows, including information about factoring, supply chain financing arrangements, capital expenditure, and cash flows linked to operating expenses.

Q&A with the Audience

Speakers

Zach Gast

Board Member, International Accounting Standards Board

Mr. Gast, from Maryland, USA, has more than 20 years of investment experience. He joins the Board for an initial term of five years from the Center for Financial Research and Analysis (CFRA)—a provider of independent investment research—where he served as president, directing the organisation’s forensic accounting and equity research strategy.

Before joining the CFRA, he served as a senior vice-president at Paulson & Co investment managers from 2009 to 2013 and as the sector lead for financial sector equity analysis at the CFRA from 2005 to 2009.

Mr. Gast has also served as a member of the Financial Accounting Standards Board’s (FASB) Financial Accounting Standards Advisory Council since 2018. He has an MBA from Georgetown University and a BA from Brown University.

Zhen Deng, PhD.

Senior Analyst, CFRA

Zhen Deng, PhD., joined CFRA as a senior analyst in 2007. She is responsible for global client projects, thematic research and technical advisory.

Zhen came to CFRA with 8 years of experience as the U.S. accounting expert at UBS equity research, advising internal and external clients on financial reporting issues in equity analysis. Her research has been published in peer reviewed journals and cited in the press. Zhen formerly co-chaired the U.S. chapter of Corporate Reporting Users’ Forum.

Zhen is a graduate of Beijing University, Columbia University and New York University.

Giles Flower

Global Head of Sales & Marketing, CFRA

Giles Flower is Head Of Global Sales & Marketing. Giles is responsible for new business, account management, and marketing teams for both institutional and wealth products at CFRA. Prior to joining CFRA in 2011, Giles worked for ten years on the sell-side at Collins Stewart (now Canaccord Genuity) in sales and analyst roles within their Quest team.

Giles holds a B. A. (Hons) degree from Kingston University, London.

Some or all of the non-CFRA speakers in these materials have compensated CFRA for the production of and the right to participate in the discussions captured in these materials. Apart from the production of these materials, CFRA may license certain intellectual property or provide services to, or otherwise have a business relationship with, certain issuers of funds or securities that are the subject of or that have participated in the production of these materials. Irrespective of CFRA’s relationship with any participant in these materials, no part of CFRA’s compensation is tied to any particular CFRA recommendation or rating. The views expressed in these materials by non-CFRA participants do not necessarily reflect the views of CFRA. CFRA makes no warranty or representation that these materials are accurate, timely or complete, and references to any investment, fund or security are not a recommendation to buy, sell, or hold such investment, fund or security. These materials are only for authorized recipients and may not be redistributed or reproduced without the express consent of CFRA. Additional information on the legal disclosures for these materials is available at https://cfraresearch.com/legal/.

Download the Replay

Financial Reporting Issues – Your Opinion Counts. Co-hosted webinar from the IASB and CFRA

Zach Gast

Giles Flower