The International Forum of Accounting Standard Setters (IFASS), previously known as the National Standard Setters (NSS), met recently in Kuala Lumpur, Malaysia. Whilst a report from the meeting is not expected for a number of weeks, there was a wide range of important topics discussed at the meeting.
The matters discussed at the meeting, held on 29-30 March 2012, were as follows:
- Chairman's welcome and introduction
- IASB workplan and IFRS Foundation developments
- Reports from regional groups:
- Asian-Oceanian Standard-Setters Group (AOSSG)
- European Financial Reporting Advisory Group (EFRAG)
- Group of Latin American Accounting Standard Setters (GLASS)
- Pan-African Federation of Accountants (PAFA)
- IASB Agenda consultation
- Model for National Standard Setters
- Report on US developments regarding US GAAP and IFRSs
- Topical issues
- Report-back on the paper on income taxes
- Report-back on the paper on business combinations under common control
- Development costs (comparability among entities relating to recognition of internally generated intangible assets in the development phase under IAS 38)
- IAS 32 effect on accounting for foreign currency convertible bonds
- Accounting standards for small (or micro) -sized entities in different jurisdictions
- Administrative matters (in camera)
- Statement of Best Practice
- IASB post-implementation reviews
- Effect analysis
- Public sector conceptual framework
- Unit of account
- Topical issues
- Subsequent measurement of goodwill: impairment of consumption
- The Financial Reporting Council's Sharman Enquiry regarding the going concern concept
- Presentation of operating income in the context of comprehensive income
|
We have posted the above agenda for the meeting with the kind permission of the IFASS secretariat.
With the IASB beginning to focus on its post-convergence agenda and governance, the role and importance of regional and jurisdictional standard-setters going forward is a key challenge for the IFRS Foundation. Hans Hoogervorst (IASB Chairman) commented recently about the "need for the IASB to strengthen and formalise its relationships with standard-setters, regulators and the accounting profession".