Summary of the December 2015 ASAF meeting now available

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22 Jan 2016

The staff of the International Accounting Standards Board (IASB) have made available a summary of the discussions of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 7–8 December 2015.

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

  • AASB-KASB joint research project on IFRS implementation (1-4). ASAF members discussed the results of researched conducted on accounting judgments on using IFRS.
  • Disclosure initiative — draft materiality practice statement (5-8). ASAF members provided their views on Exposure Draft IFRS Practice Statement, Application of Materiality to Financial Statements. ASAF members had mixed comments on whether to issue mandatory or non-mandatory guidance on materiality.
  • Conceptual framework — recognition criteria (9-20). ASAF members discussed a paper, Recognition Criteria in the Conceptual Framework, prepared by the Accounting Standards Board of Japan and debated the proposal of whether to keep the probability criterion in the recognition criteria.
  • Post-employment benefits research project (21-27). ASAF members were provided with an update by the IASB staff on its research project for post-employment benefits.
  • Goodwill and impairment (28-29). ASAF members were updated on the initial discussions related to this project and provided feedback.
  • Different effective dates of IFRS 9 and new insurance contracts (30–39). ASAF members provided their views on the proposed overlay approach in an upcoming exposure draft which addresses the consequences of having different effective dates for IFRS 9 and the new insurance contracts.
  • Business combinations under common control (BCUCC) (40–55). ASAF was provided with results from a discussion paper by the Hong Kong Institute of Certified Public Accountants related to BCUCC in Hong Kong. In addition, the IASB staff provided an updated on this project.
  • Role of post-implementation reviews (56–62). ASAF provided their views on the process implemented by the IASB when performing post-implementation reviews.
  • Disclosure initiative — next steps (63). The IASB staff provided an update on the disclosure initiative project, which included the principles of disclosure and the standards-level review of disclosures projects, and its next steps.
  • Equity method (64–69). ASAF members discussed the scope of the equity method of accounting project.
  • Project updates and agenda planning (70–72). ASAF members were updated on current IASB projects which included its primary financial statements research project and changes in accounting policies project.

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

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