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IASB releases report on October ASAF meeting

  • ASAF meeting (mid blue) Image

Oct 29, 2015

The IASB staff has released a report summarizing the Accounting Standards Advisory Forum (ASAF) meeting held in London on October 1–2, 2015.

Topics discussed at the meeting included the following:

  • 2015 agenda con­sul­ta­tion — ASAF members discussed (1) “the factors used to allocate resources between Stan­dards-level projects, research and main­te­nance and im­ple­men­ta­tion”; (2) research program prioritization; (3) “the level and mix of im­ple­men­ta­tion support provided”; (4) “the pace of change and the level of detail given in IFRS”; and (5) “a proposal to extend the interval between agenda con­sul­ta­tions to five years.”
  • Conceptual framework — ASAF members discussed the (1) measurement proposals in the IASB’s exposure draft (ED) on the conceptual framework and
    (2) potential effects of the conceptual framework ED on (a)  IAS 37, Pro­vi­sions, Con­tin­gent Li­a­bil­i­ties and Con­tin­gent Assets and (b) the rate-reg­u­lated ac­tiv­i­ties project.
  • Clar­i­fi­ca­tions to IFRS 15 — The IASB staff gave an overview of its ED on clar­i­fi­ca­tions to IFRS 15, Revenue From Contracts With Customers, and asked ASAF members for their feedback on “the high hurdle applied by the IASB when con­sid­er­ing whether and how to amend IFRS 15” and “the questions in the ‘In­vi­ta­tion to comment’ section of the ED.”
  • Measuring quoted in­vest­ments in sub­sidiaries, joint ventures, and as­so­ci­ates at fair value — ASAF members’ views were requested on “the relevance of the proposed mea­sure­ment model” in the IASB’s September 2014 ED Measuring Quoted In­vest­ments in Sub­sidiaries, Joint Ventures and As­so­ci­ates at Fair Value.
  • Pollutant pricing mech­a­nisms — ASAF members “con­sid­ered a possible model to account for a cap-and-trade type of emissions trading scheme . . . that reflected the feedback received” at the July 2015 meeting.
  • Equity method of accounting — The FASB gave a brief summary of “its sim­pli­fi­ca­tion project on the equity method of accounting, which includes elim­i­nat­ing the re­quire­ment for an entity to measure at fair value its share of the investee’s iden­ti­fi­able assets and li­a­bil­i­ties.” In addition, the IASB staff requested ASAF members’ views on the staff’s pre­lim­i­nary proposals to amend the equity method of accounting.
  • Update on IASB projects, including insurance contracts — The IASB staff addressed the IASB’s recent tentative discussions related to its insurance contracts project. The discussions focused on (1) re­quire­ments for insurance contracts with par­tic­i­pa­tion features and (2) the different effective dates of IFRS 9, Financial Instruments, and the new insurance contracts standard. In addition, the IASB staff “presented an overview of the IASB’s current projects, a summary of the actions taken on the advice provided by the ASAF in previous meetings and the suggested agenda topics for the December 2015 and April 2016 ASAF meetings.”

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

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