This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Summary of the December ASAF meeting now available

  • ASAF meeting (mid blue) Image

Feb 10, 2015

The IASB staff has released a report summarizing the Accounting Standards Advisory Forum (ASAF) meeting held in London on December 4–5, 2014. Topics discussed at the meeting included the following:

  • Dis­clo­sure ini­tia­tive — Discussion included an overview of disclosure principles associated with the state­ment of cash flows.
  • Emis­sions trading schemes — ASAF members offered their views on the scope and approach of this  project, which “is still in the pre­lim­i­nary stages of re­search.”
  • Rate-reg­u­lated ac­tiv­i­ties — ASAF members shared their pre­lim­i­nary views on the IASB’s dis­cus­sion paper (DP) Reporting the Financial Effects of Rate Regulation and asked the IASB staff to clarify DP-related issues.
  • Leases — The IASB staff gave an update on the FASB’s and IASB’s joint leases project. ASAF members offered their perspectives on the boards’ convergence efforts in this project.
  • In­fla­tion ac­count­ing — An ASAF member, speaking on behalf of the Group of Latin American Standard Setters, discussed in­fla­tion ac­count­ing, including potential improvements to IAS 29, Fi­nan­cial Re­port­ing in Hy­per­in­fla­tion­ary Economies.
  • Foreign cur­rency trans­la­tion — The IASB staff debated the priority of this project, which the IASB has “decided to reclassify . . . from short-term to longer-term.” The ASAF discussion included whether the IASB should clarify the “objective and conceptual basis” of IAS 21, The Effects of Changes in Foreign Exchange Rates.
  • Postem­ploy­ment ben­e­fits — The IASB staff discussed the scope and ap­proach of this project with ASAF members, including “the staff’s preliminary idea to explore conceptually a single measurement model for pension plans.”
  • Dynamic risk ac­count­ing — The IASB staff summarized the feed­back it has re­ceived on its DP Accounting for Dynamic Risk Management: a Portfolio  Revaluation Approach to Macro Hedging.
  • Equity method of ac­count­ing — ASAF members discussed an equity-method research report presented by the Korea Accounting Standards Board as well as the findings from a survey conducted by the Accounting Standards Board of Japan.
  • 2015 agenda con­sul­ta­tion — The IASB staff asked ASAF members for suggestions regarding the IASB’s next agenda consultation, which is expected to occur in 2015.
  • In­sur­ance con­tracts — The discussion focused on recent de­vel­op­ments in the in­sur­ance con­tracts project, in­clud­ing the (1) IASB’s ten­ta­tive de­ci­sions on tran­si­tion, (2) ac­count­ing for con­tracts with par­tic­i­pat­ing fea­tures, and (3) dis­clo­sures.

For more information about the topics discussed at the ASAF meeting, see the report on the IASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.