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Summary of the July 2017 ASAF meeting now available

  • ASAF (Accounting Standards Advisory Forum) (mid blue) Image

05 Sep 2017

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 6 and 7 July 2017.

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

  • Disclosure initiative — Principles of disclosure (1–17): ASAF members provided feedback gathered from stakeholders in their jurisdictions.
  • Goodwill and impairment (18–35): ASAF members provided comments on two papers which summarized analyst views on financial information about goodwill and possible approach to impairment losses on goodwill. Further, the ASAF members discussed the single-model approach as well as the indicator-only approach to impairment testing for goodwill.
  • Accounting policy changes (36–46): ASAF members discussed the impracticability threshold for voluntary changes in accounting policy and whether the proposed threshold should consider the benefits and costs of retrospective application.
  • Post-implementation review of IFRS 13 (47–53): ASAF members were updated on the request for information for the post-implementation review of IFRS 13 and were presented with phase 2 plans for the PIR.
  • Primary financial statements (54–67): ASAF members provided feedback on proposals for the presentation in the statement of financial performance of (a) EBIT, (b) management performance measure and adjust earnings per share, and (c) share of profit or loss of associates and joint ventures.
  • Property, plant and equipment (68–74): ASAF members provided preliminary views on the proposed amendments to IAS 16.
  • Project updates and agenda planning (75–78): ASAF members were updated on (1) investor engagement activities since the issuance of IFRS 17, (2) proposed amendments to IFRS 9, and (3) current IASB projects.
  • Wider corporate reporting (79–89): ASAF members provided views on prominence and importance of wider corporate reporting and whether to revise its 2010 Practice Statement Management Commentary.
  • Amendments to IFRS 8 and IAS 34 (90–102): ASAF members discussed four proposals in the exposure draft, Improvements to IFRS 8 Operating Segments.
  • Rate-regulated activities (103–112): ASAF members were updated on recent Board discussions on defined rate regulation and discussed the analysis of rights and obligations arising from a rate-regulated mechanism in a regulatory agreement.

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

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