Summary of the September 2017 ASAF meeting now available

  • ASAF meeting (mid blue) Image

09 Nov, 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 28 September 2017.

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

  • Primary financial state­ments (1–15): ASAF members discussed (1) the results of a New Zealand user-needs survey related to alternative performance measures and (2) feedback from the UK Financial Reporting Council’s Discussion Paper Improving the Statement of Cash Flows.
  • Rate-regulated activities (16–27): ASAF members received an updated on the Board’s discussion on a possible new accounting model for activities subject to defined rate regulation and identified factors to considered in three areas: (1) nature of the asset, (2) appropriate discount rate to use with discounting is used, and (3) timing of recognition of gain or loss under certain conditions.
  • Definition of a business (28–36): ASAF members provided feedback on the Board’s tentative decisions reached at its April and June 2017 meetings.
  • Goodwill and impairment (37–51): ASAF members provided views on the following approaches to improve the impairment testing of goodwill: (1) goodwill accretion approach, (2) pre-acquisition headroom approach, and (3) single method.
  • Project updates and agenda planning (52–53): ASAF members were updated on the IASB technical projects and how the IASB used the ASAF advice from previous meetings.

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

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