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Summary of the December 2020 ASAF meeting now available

  • ASAF meeting (mid blue) Image

19 Jan 2021

The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held via remote participation on 10 December 2020.

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

  • Rate-regulated activities (1–9): The ASAF members outlined their plans for outreach on an upcoming Exposure Draft on regulatory assets and regulatory liabilities.
  • Cryptoassets (10–18): The ASAF members provided their preliminary views on the EFRAG’s discussion paper Accounting for Crypto-assets (Liabilities) and whether they support changes to IFRS requirements.
  • Financial instruments with characteristics of equity (19–42): The ASAF members provided feedback on potential refinements to the disclosure requirements discussed in Discussion Paper Financial Instruments with Characteristics of Equity. The session included discussions on the priority of financial instruments on liquidation of an equity, disclosure on an individual entity versus consolidated basis, non-financial liabilities, legal effects, carrying amounts versus fair value, potential dilution of ordinary shares, and terms and conditions of financial instruments.
  • Dynamic Risk Management (43): The staff provided the ASAF members with an update on outreach on core dynamic risk management model.
  • Lack of Exchangeability (Amendments to IAS 21) (44–45): The ASAF members were updated on the developments on the project and were introduced to the upcoming Exposure Draft on narrow-scope amendments to IAS 21 The Effect of Changes in Foreign Exchange Rates.
  • Update and agenda planning (46–48): The ASAF members discussed the Board’s current work plan and planned topics for the March 2021 ASAF meeting.

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

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