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Report from recent IFASS meeting released

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30 Sep 2013

A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in São Paulo on 17‐18 April 2013.

Highlights from the meeting included:

Relationships between the IASB and national standard-setters/regional bodies

  • IASB staff provided background and details of the IASB's Accounting Standards Advisory Forum (ASAF) and discussed the comment letters regarding the proposal to form ASAF, that body's role, structure and size, membership criteria, the selection of members, ASAF's relationship to other bodies, and the memorandum of understanding that appointees are required to sign. Participants were also updated on the results of ASAF's inaugural meeting.
  • Participants discussed the future of IFASS and the character/objectives of its activities. There was a consensus that IFASS should continue to meet twice a year.

Disclosures

International Public Sector Accounting Standards Board (IPSASB) update

The following two key messages were provided:

  • There are huge challenges involved in encouraging decision‐useful information for accountability by governments.
  • Can a global public standard-setter be more effective if it reflects cultural diversity?

Update on the IASB's work plan

Participants were informed about the status of the major projects (revenue recognition, leases, insurance, macro hedging, classification and measurement, impairment, and rate regulation) as well as the progress regarding several (in part new) narrow-scope projects.

Reports from regional groups

Reports were received from the AOSSG, EFRAG, GLASS, and PAFA representatives.

Topical issues

The meeting saw discussions of the following issues:

  • Accounting for investment tax credits,
  • Discount rate in IAS 19,
  • Accounting issues where controlling and controlled entities prepare financial statements under different frameworks,
  • Emissions trading schemes,
  • Goodwill amortisation and impairment,
  • Measurement framework,
  • IFRS for SMEs,
  • Conceptual framework,
  • Role of the business model in financial reporting, and
  • Use of Other Comprehensive Income.

Click for the full report (link to Malaysian Accounting Standards Board website).

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