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Summary of the April 2016 ASAF meeting now available

  • ASAF meeting (mid blue) Image

13 May 2016

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 7–8 April 2016.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

  • 2015 Agenda Consultation (1-10): ASAF members discussed the feedback received regarding the request for views on the 2015 agenda consultation. In addition, ASAF members discussed the post-implementation review process and whether more resources should be allocated to PIRs, TRGs, and other activities.
  • Conceptual framework — strategy and measurement (11-20): ASAF members provided their views regarding the strategy of the conceptual framework project and evaluated the EFRAG’s paper on certain areas of measurement proposed in the exposure draft.
  • Rate-regulated activities (21-37): ASAF members discussed how to define performance as it relates to rate regulation and identify which activities should lead revenue recognition.
  • Inflation (38-40): ASAF members were presented a paper by the Group of Latin American Standard-Setters which addressed the effects of inflation, in particular, the requirement to pay dividends based on retained earnings in certain jurisdictions.
  • Business combinations under common control (41-45): ASAF members provided their views to the IASB staff regarding the accounting for business combinations under common control.
  • Amendments to IFRS 4 (46-52): The ASAF provided feedback on decisions made during the March 2016 Board meeting which confirmed the (1) temporary exemption, (2) optional temporary exemption for some entities, and (3) eligibility for the temporary exemption will be assess at the reporting entity level.
  • Next steps in IFRS 2 (53-65): ASAF members discussed the results of a research project on IFRS 2 which evaluated what is causing complexity in the Standard and why it has attracted many interpretation requests.
  • Project updates and agenda planning (66-72): ASAF members were updated on current IASB projects.

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

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