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Report from autumn 2015 IFASS meeting

  • IFRS - IFASS (International Forum of Accounting Standard Setters) Image

Nov 25, 2015

On November 25, 2015, the International Forum of Accounting Standard Setters (IFASS) released a summary of its meeting held in London on September 29-30, 2015.

Highlights from the meeting included:

Opening remarks

Michel Prada, Chairman of the Trustees, IFRS Foundation, delivered the opening remarks. He spoke on the main strategic challenges to IFRS, the current structure and effectiveness review of the IFRS Foundation, and the role and responsibilities of accounting standard-setters in an IFRS world. After his speech when answering questions he spoke at some length about perceived U.S. influence on IFRS standard-setting.

Standard simplification

IASB staff representatives noted that the IASB is aware that, while its standards are principles based, many of them are very long. The staff is exploring ways to simplify the IASB’s guidance and is considering the FASB’s simplification project.

Revision of Financial Statement Presentation of Not-for-Profit Organizations (NPOs)

FASB's representatives provided an overview of the FASB’s April 2015 Exposure Draft proposing several improvements to the financial statement presentation requirements for NPOs. On an informal show of hands, participants indicated that there is a need for international standards for reporting by NPOs.

Topical issues

Participants then discussed topical financial reporting issues in Canada, the UK and India. The Canadian discussion was focused around types of reporting frameworks used by entities raising capital in non-traditional markets. Representatives from the AcSB discussed the evolving issues regarding the types of financial reporting frameworks being used (or that should be used) by entities raising capital in non-traditional markets.

Review the full report on the IFASS' Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.