Summary of the December 2018 ASAF meeting now available

  • ASAF meeting (mid blue) Image

30 Jan, 2019

The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 6–7 December 2018.

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

  • Financial instruments with characteristics of equity (1–25): ASAF members provided comments on the Discussion Paper Financial Instruments with Characteristics of Equity based on the outreach in their jurisdictions.
  • Business combinations under common control (BCUCC) (26–32): ASAF members discussed whether a current value measurement approach based on the acquisition method set out in IFRS 3 Business Combinations should be applied to all or some BCUCC that affect non-controlling shareholders in the receiving entity and if not, how the distinction should be made on when to use a current value measurement approach.
  • Pension benefits that depend on asset returns (33–43): ASAF members discussed whether the measurement approach (described in Agenda Paper 7) would be helpful in solving the measurement inconsistency described in that paper when applying IAS 19 Employee Benefits to pension benefits that depend on asset returns.
  • IFRS 17 Insurance Contracts (44–61): ASAF members provided advice on six topics in IFRS 17 Insurance Contracts that the Board is considering for possible amendments to the Standard.
  • Management commentary (62–76):ASAF members were updated on the Board's tentative decision on the objective of management commentary as part of the update to IFRS Practice Statement 1 Management Commentary.
  • Goodwill and impairment (77–87): ASAF members discussed (1) disclosure objective and requirements and (2) amortisation of goodwill, including whether members believe it is feasible to estimate the useful life of goodwill.
  • Update and agenda planning (88–91): ASAF members discussed the proposed agenda for the April 2019 ASAF meeting and considered future discussions on (1) how the ANC has established an accounting framework for crypto-currencies and (2) EFRAG's forthcoming discussion paper Hybrid Pension Schemes.
  • Better communication – primary financial statements (92–108):ASAF members discussed the Board's tentative decisions made to date in the primary financial statements project.

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

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