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Summary of the March 2017 ASAF meeting now available

  • ASAF (Accounting Standards Advisory Forum) (mid blue) Image

26 Apr 2017

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 6 and 7 March 2017.

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

  • Rate-regulated activities (1–12): ASAF members were updated on the IASB recent discussions on rate-regulated activities, specifically commenting on the new accounting model’s core principle, supplementary approach, scope, and criteria for recognizing regulatory assets and liabilities.
  • Definition of a business (13–19): ASAF members provided comments on a proposed screening test in the Exposure Draft Definition of a Business and Accounting for Previously Held Interests (ED/2016/1). The members discussed whether the screening test should be determinative, a rebuttable presumption, or an indicator.
  • Conceptual framework (20–40): ASAF members discussed certain proposed concepts for the conceptual framework, which included asymmetry, reporting entity, definition of a liability, executory contracts, and other comments and questions.
  • Insurance contracts (41–48): ASAF members commented on different methods to support the implementation of the upcoming insurance contracts standard. These methods include the publishing of educational and explanatory material, webcasts and conferences. In addition, they discussed the role of the transition resource group will have in the implementation of the new standard.
  • Dynamic risk management (49–52): The EFRAG presented its results from outreach related to a bank’s interest rate risk management and dynamic risk management.
  • Financial instruments with characteristics of equity (53–57): ASAF members discussed the illustrative examples provided in the upcoming discussion paper on financial instruments with characteristics of equity project. In addition, the ASAF provided several general suggestions on the upcoming discussion paper.
  • Symmetric prepayment options (58–63): An overview of the IASB’s tentative decisions on the proposed narrow-scope amendment to IFRS 9. In general, the ASAF supported the proposal.
  • Primary financial statements (64–69): The IASB staff updated the ASAF on tentative decisions concerning the project scope and future topics.
  • Disclosure initiative (70): ASAF members received an update on the upcoming discussion paper Principles of Disclosure.
  • Project updates and agenda planning (72): ASAF members were updated on current IASB projects.

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

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