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Report on the spring 2018 IFASS meeting

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

30 May 2018

A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in Mumbai on on 12 and 13 April 2018.

The report covers:

  • Continuation of the internal discussions
  • Proposals on the goodwill and impairment project of the IASB
  • The IASB’s work on implementation
  • Jurisdictional/standard-setters’ updates
    • Relevance of parent and/or subsidiary financial statements if consolidated financial statements are available
    • Q&A on IASB's work plan including research project pipeline
    • Recent developments in the work of the not-for-profit working group
  • Facilitating the adoption of new IFRSs
    • IFRS 15: Enforceable right to payment: Off-plan apartment complex construction contracts
    • IFRS 16: Exchange of lessons learned
  • Facilitating the adoption of new IFRSs: IFRS 17 - Exchange of lessons learned
  • Other optional sessions in brief:
    • Consolidation of not-for-profit entities under IFRS 10
    • Taxonomy update
    • NFRS implementation in Nepal – progress and challenges
  • Equity instruments: Impairment and Recycling
  • Intangibles: First Thoughts
  • BCUCC – Follow-up from London 2017
  • Primary financial statements: Some issues arising in IASB’s current projects

IFASS will meet next time in London on 2 and 3 October 2018 following the IFRS Foundation’s World Standard Setters meeting. The subsequent IFASS meeting is scheduled to be held in Argentina in late March 2019, the exact location and date are not determined yet.

Please click for the full report from the meeting.

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