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Agenda from recent IFASS meeting

04 Apr 2012

The International Forum of Accounting Standard Setters (IFASS), previously known as the National Standard Setters (NSS), met recently in Kuala Lumpur, Malaysia. Whilst a report from the meeting is not expected for a number of weeks, there was a wide range of important topics discussed at the meeting.

The matters discussed at the meeting, held on 29-30 March 2012, were as follows:

Thursday, 29 March 2012 (8:30-17:30)

  • Chairman's welcome and introduction
  • IASB workplan and IFRS Foundation developments
  • Reports from regional groups:
    • Asian-Oceanian Standard-Setters Group (AOSSG)
    • European Financial Reporting Advisory Group (EFRAG)
    • Group of Latin American Accounting Standard Setters (GLASS)
    • Pan-African Federation of Accountants (PAFA)
  • IASB Agenda consultation
  • Model for National Standard Setters
  • Report on US developments regarding US GAAP and IFRSs
  • Topical issues
    • Report-back on the paper on income taxes
    • Report-back on the paper on business combinations under common control
    • Development costs (comparability among entities relating to recognition of internally generated intangible assets in the development phase under IAS 38)
    • IAS 32 effect on accounting for foreign currency convertible bonds
    • Accounting standards for small (or micro) -sized entities in different jurisdictions
  • Administrative matters (in camera)

Friday, 30 March 2012 (8:30-16:30)

  • Statement of Best Practice
  • IASB post-implementation reviews
  • Effect analysis
  • Public sector conceptual framework
  • Unit of account
  • Topical issues
    • Subsequent measurement of goodwill: impairment of consumption
    • The Financial Reporting Council's Sharman Enquiry regarding the going concern concept
    • Presentation of operating income in the context of comprehensive income

We have posted the above agenda for the meeting with the kind permission of the IFASS secretariat.

With the IASB beginning to focus on its post-convergence agenda and governance, the role and importance of regional and jurisdictional standard-setters going forward is a key challenge for the IFRS Foundation.  Hans Hoogervorst (IASB Chairman) commented recently about the "need for the IASB to strengthen and formalise its relationships with standard-setters, regulators and the accounting profession".