National Standard Setters (NSS) release report from their most recent meeting

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16 May, 2011

The National Standard Setters (NSS) have released a report from their March 2011 meeting.

The NSS is a grouping of national accounting standard-setters from around the world, plus other organisations that have a close involvement in financial reporting issues.

Highlights from the meeting include:

  • Financial instruments – the NSS has mixed views on a number of the areas of this project (impairment, hedge accounting, offsetting), but there is a need for a globally converged, high-quality standard to be completed as soon as possible (within constraints)
  • Effective dates – most participating countries appear to favour a 2015 or 2016 implementation date for standards arising from the IASB's main projects
  • Agriculture – the Malaysian Accounting Standards Board (MASB) is requesting the IASB to reconsider the accounting treatment for 'bearer' biological assets (e.g. fruit trees) by including them within the scope of IAS 16 rather than IAS 41. However, agricultural assets with attributes of both 'consumable biological assets' and 'bearer biological assets' (e.g. livestock) would continue to be measured under IAS 41.
  • Role of the 'business model' in financial reporting – a study on this topic is being pursued by EFRAG in conjunction with the French and UK standard setters
  • Other topics – the NSS also discussed the IASB's revenue and leases projects, post-implementation reviews, a disclosure framework for the notes to the financial statements, disclosure and presentation, a number of topical issues (including income taxes, common control, intangible assets) and administrative matters.

The full report is available UK Financial Reporting Council website (link to FRC website).

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