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Summary of the July ASAF meeting now available

  • ASAF meeting (mid blue) Image

27 Aug 2015

The staff of the International Accounting Standards Board (IASB) have made available a summary of the discussions of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 16-17 July 2015.

The topics covered during the meeting included:

  • Insurance contracts. ASAF members discussed two papers by the AASB and NZASB (on the recognition pattern for the contractual service margin in profit or loss and on the rate used for interest accretion on the contractual service margin) and an update on the IASB’s tentative decisions since the last ASAF meeting.
  • Discount rates. The IASB staff provided a summary of findings from the research project on present value measurements and sought ASAF members’ views on the findings. The staff also sought ASAF members’ views on the next steps in the project.
  • Conceptual Framework. ASAF members discussed the recognition and derecognition proposals in the Conceptual Framework ED. They were also invited to share their views on an EFRAG paper on the reporting of income or expense in profit or loss or OCI.
  • Provisions and contingent liabilities (IAS 37). The staff provided an overview of the IASB's research project on project on IAS 37 and sought initial views of the ASAF on whether the IASB should start an active project to amend IAS 37 and, if so, what the scope of that project should be.
  • Disclosure initiative. The IASB staff introduced a paper describing the content of the Principles of Disclosure discussion paper and sought the ASAF members’ views on whether there were any other issues that should be included in the discussion paper. The staff also introduced a paper discussing proposed changes to the IFRS Taxonomy due process, which were recently trialled on the exposure draft of amendments to IAS 7 as a result of the disclosure initiative.
  • Dynamic risk management. The IASB staff gave an overview of the feedback received on the discussion paper and asked for the ASAF members’ comments on any additional information needs relating to an entity’s dynamic risk management of interest rates that are not included in the summarised feedback received.
  • Pollutant pricing mechanisms. ASAF members discussed a cap-and-trade type of emissions trading scheme and provided views about possible accounting approaches.
  • Rate-regulated activities. ASAF members provided views about possible accounting approaches that could be developed to reflect the financial effects of the ‘defined rate regulation’ introduced in the discussion paper published in September 2014.
  • IFRS 15. The IASB staff provided an overview of the recent developments relating to the new revenue standard, including activities of the Transition Resource Group, feedback from the comment letters on the exposure draft on the effective date of IFRS 15, and an overview of the forthcoming exposure draft of clarifications of IFRS 15.

A full report of the meeting is available on the IASB's website.

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