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Report from autumn 2016 IFASS meeting

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

Nov 17, 2016

On November 17, 2015, the International Forum of Accounting Standard Setters (IFASS) released a summary of its meeting held in London on September 27 and 28, 2016.

Hans Hoogervorst, Chairman of the IASB, delivered the opening address. He emphasized the importance of a good relationship between national standard-setters throughout the world and the IASB and stressed that the national standard-setters had important role to play with regard to implementation issues and connecting to local/regional constituents.

The following topics were discussed:

  • Future of IFASS (Part 1)
  • Professional Judgement and “Terms of Likelihood” under IFRS
  • Optional Session: Improvements to IAS 7 Statement of Cash Flows
  • Future of IFASS (Part 2)
  • Towards a Framework for Corporate Reporting
  • Outreaches on IAS 26 and IFRS 13
  • Rate-regulated activities: The first part of this session was based on a paper currently under preparation by the Accounting Standards Board of Canada (AcSB). The reactions of participants were multi-faceted, they also provided information on the circumstances in their jurisdictions.
  • Not-for-profit-reporting
  • Public sector reporting

Review the full report on the IFASS' website.

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