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Report from spring 2017 IFASS meeting

  • IFASS (International Forum of Accounting Standard Setters) (dark green) Image

04 May 2017

A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in Taipei on 2 and 3 March 2017.

As reported earlier, the core topic of the meeting was consistent application of IFRSs across jurisdictions, including the meaning of "consistent application" and what the IASB and the national standard-setters can do to support it. Please see our detailed summary of that discusssion.

The IFASS members also discussed:

  • Implementing “big” standards (presented by Marc Siegel and Cullen Walsh of the FASB);
  • Treatment of income tax on distribution of dividends (presented by Shiwaji Bhikaji Zaware and Vijay Kumar Muthu Raju Paravasa Raju of the Institute of Chartered Accountants of India);
  • Accounting for the effects of high inflation (presented by Felipe Pérez Cervantes of the Mexican Financial Reporting Standards Board);
  • Research: What should Standard setters address? (with presentations by Professor Guochang Zhang (Hong Kong University), EFRAG and MASB, the IFASS Not-for-profit working group, AASB, as well as ANC and ASBJ); and
  • Case studies on IFRS 15 and IAS 37 (presented by the IASB).

The next meeting of the IFASS will take place in London on 26 and 27 September 2017. The forum accepted the Indian delegation’s invitation to hold the spring meeting 2018 in Mumbai (Republic of India) on 12. and 13. April 2018.

Please click for the full report from the meeting.

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