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Report on the spring 2019 IFASS meeting

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

23 May 2019

A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in Buenos Aires on 28 and 29 March 2019.

As reported earlier, among the topics discussed at the meeting were amendments to IFRS 17 and the EC fitness check on public reporting by companies.

The full list of topics discussed at the meeting was:

  • EFRAG's discussion paper on non-exchange transfers
  • FRC's research project on ‘Variable and contingent consideration’
  • Proposals for the NFP accounting technical advisory group
  • Presentation of finance cost - IAS 1, IFRS 7, IAS 23
  • Follow-up on AcSB's project on performance measures reporting
  • Climate related and other emerging risk issues on financial statements and the impact of practice statement 2 on materiality
  • Optional breakout sessions:
    • Inline XBRL and blockchain
    • IFRS for SMEs: Standard review; Relief for subsidiaries
  • IFRS 17 (I): Tentative views of the IASB on upcoming amendments to IFRS 17
  • IFRS 17 (II): Implementation activities, insights, experience
  • Financial reporting in an electronic format
  • The Fitness check on the EU framework for public reporting by companies: Result of the consultation
  • Financial instruments with characteristics of equity: Preferred approach and IFRIC 2
  • Improving the impairment testing model in IAS 36 Impairment of Assets

The meeting also saw the handover of official duties to the incoming IFASS Chair Mr. Yasunobu Kawanishi (Accounting Standards Board of Japan, ASBJ).

The next meeting of the IFASS will take place in London in October 2019.

Please click for the full report from the meeting.

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