Summary of the October 2019 ASAF meeting now available
18 Nov 2019
The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 3 October 2019.
The topics covered during the meeting were the following (numbers in brackets are references to the corresponding paragraphs of the summary):
- Financial instruments with characteristics of equity (1–7): The ASAF discussed the various project alternatives and were supportive of the IASB’s decision to make clarifying amendments to IAS 32. Several members also expressed that a fundamental review to develop a new approach to distinguishing financial liabilities from equity is warranted.
- Dynamic risk management (8–16): The ASAF was given an update on the dynamic risk management project and provided feedback on how to perform an outreach on the core version of the DRM model.
- IBOR reform and its effects on financial reporting (17–22): The ASAF was given an update on the IBOR reform project and provided feedback on potential accounting issues to be considered during the project’s Phase II.
- Disclosure initiative — Accounting policy disclosure (23–30): The ASAF provided preliminary views on Exposure Draft, Disclosure of Accounting Policies.
- Agenda planning and 2020 Agenda Consultation (31–38) — The ASAF discussed the proposed agenda for its December 2019 meeting and the Request for Information for the 2020 Agenda Consultation.
- Accounting policies and accounting estimates (39–43): The ASAF discussed KASB’s research project A Revisit to the Definition of Accounting Estimates.
A full summary of the meeting is available on the IASB's website.
