Future-Orientated Financial Information – AASOC

Date recorded:

At its meeting on May 18, 2021, the AASOC was advised that the FOFI project will pilot a new approach to speed up time-to-market. The proposed new standard is estimated to be completed by January 2023. A key element of the approach is to appoint a Reference Group. The Reference Group will include users and preparers who provide input throughout the development of the new standard. The AASB hopes that a Reference Group will serve as a sounding board for key issues, save time in obtaining user feedback, and help the Task Force identify issues sooner. Mr. Turner, Director of the AASB, noted that the AASB’s next steps include recruiting for the Reference Group and for the Task Force, with the first Task Force meeting planned for June 2021.AASOC supported the AASB’s new approach.

Review the minutes on the AASOC's Web site.

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