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Summary of the April 2018 ASAF meeting now available

  • IFRS - ASAF Image

Jun 08, 2018

On June 8, 2018, the staff of the International Accounting Standards Board (the Board) have made available a summary of the discussions of the Accounting Standards Advisory Forum (ASAF) meeting held in London on April 16 and 17, 2018.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

  • Rate-regulated activities (1–9): ASAF members discussed (1) unit of account and asset/liability definitions and (2) scope of the model. In addition, the ASAF members discussed the development of communication materials.
  • Disclosure initiative — Principles of disclosure (10–24): ASAF members discussed (1) location of information that includes IFRS information outside of financial statements and non-IFRS information within financial statements and (2) accounting policy disclosures.
  • Commodity loans and related transactions (25–43): ASAF members discussed several topics related to items described in the Board’s January 2018 meeting. These include: (1) the extent that entities in their jurisdictions enter into transactions, (2) diversity in accounting, (3) standard-setting activities, and (4) potential standard-setting activities.
  • Accounting policies and accounting estimates (44–48): ASAF members were provided feedback on Exposure Draft, Accounting Policies and Accounting Estimates, and provided views on next steps for the project.
  • Is financial reporting still an effective tool for equity investor in Australia? (49–51): ASAF members viewed a presentation from by the AASB on financial reporting’s effectiveness for equity investors in Australia.
  • Goodwill and impairment (52–71): The ASAF members discussed (1) a staff proposal that amends the impairment testing of goodwill by considering movements in headroom and (2) the IFRS 3 requirement to recognize all identifiable intangible assets acquired in a business combination separately from goodwill.
  • Primary financial statements (72–88): ASAF members provided views the Board’s tentative decisions to date on the application to financial entities and aggregation and disaggregation.
  • IFRS Foundation Due Process Handbook review (89–99): ASAF member were updated on the Trustees’ review of the Due Process Handbook and provided views on its scope.
  • Project updates and agenda planning (100–104): ASAF members were updated on the IASB research pipeline and provided advice on how to proceed with the post-implementation reviews of IFRS 10, IFRS 11, and IFRS 12.

A full summary of the meeting is available on the Board's website.

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