The Council Chairman summarised the meeting as follows:

• There was a high degree of support for establishing the ASAF, but Council members wanted greater clarity around its role, especially the boundary of what ‘technical’ implied (as opposed to ‘strategic’, which the Council sees as primarily its prerogative).
• The Council favoured a two-pronged approach to the IASB’s work on Disclosure: targeted amendments to IAS 1; and a longer-term initiative on a disclosure framework.  Any work on articulating better the application of materiality in disclosures should be undertaken in cooperation with other standard-setters, regulators, etc.
• Financial Instruments Impairment was seen as a critical area, and one in which a converged solution was seen as the optimum answer but not at the cost of further significant delay.  He noted that this marked a significant shift in the Council’s view.