At the meeting, the AcSB and the ASBJ both introduced their respective financial reporting frameworks and activities, and exchanged views on the opportunities for cooperation. They also discussed specific technical topics in which both Boards have interest, including insurance, revenue recognition and leases. The two standard-setters plan to continue to exchange views.

For more information about the meeting, see the press release on the ASBJ website.

The meeting focused on topics for further input, an overview of the staff’s current proposals, and supporting the adoption of the Practice Statement.

The topics for further input were:

• information on intangibles and ESG matters in management commentary;
• the meaning of ‘management’s view’;
• the entity’s purpose; and
• guidance on narrative coherence.

For more information, see the summary on the IASB website.

ICAS joined forces with the International Association of Accounting Education and Research (IAAER) and the International Audit and Assurance Standard Board (IAASB) to commission qualitative research on the valuation of financial instruments. Previous research had been done from the perspective of auditors, but this research focuses on the perspective of the valuation specialist.

While the report notes no distinct differences across geographical regions, it analyses pressure points and potential conflicts in the four phases of the production of fair value measurements reported in financial statements: 1) project acquisition and planning; 2) scoping, valuation approach, and methodology; 3) estimate preparation and relationship management; and 4) negotiations and final estimate reporting.

The report does include some policy recommendations for regulators, standard-setters, and other stakeholders:

• Auditors and regulators should consider the relative advantages and disadvantages of adopting the independent estimate approach as best practice when evaluating clients’ fair value measurements;
• Standard-setters should consider strengthening auditor awareness of the effects of budget and timeline pressures, and scope constraints, and encourage a more collaborative team-based approach between auditors and specialists;
• Regulators should consider incorporating an evaluation of management’s competence related to fair value measurements as a component of the auditors’ risk assessment process; and
• Standard-setters should consider enhancing corporate governance by promoting understanding of the subjectivity inherent in fair value measurements among the board and audit committees.

Please click to access the full report on the ICAS website.

The whole meeting is scheduled to last only 30 minutes.

The full agenda and our pre-meeting summaries for the meeting can be found here. We will update this page for any changes to the agenda and our meeting notes as they become available.

The amendments are Definition of a Business (Amendments to IFRS 3) and Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7).

On the IFRS 3 amendments EFRAG notes: "The required scrutiny period by the European Parliament will only conclude mid-March 2020. The finalisation of the process will then proceed as usual."

On the IBOR amendments, the report states: "Almost all formalities for endorsement have been completed. Without pre-empting the final adoption procedures, the amendments could be adopted by mid-January followed by publication in the Official Journal."

Please click to access the updated status report.

The full list of consultations to be expected and the currently expected timing is given below:

A corresponding press release is available on the IASB website.

The agenda is sum­marised below:

Agenda papers for this meeting are available on the IASB website.

The new EFRAG TEG members are Jens Berger (Leader of Deloitte Germany's IFRS Centre of Excellence), Erlend Kvaal (academic, Norway), David Procházka (at large, Czech Republic) and Christoph Schauerte (industry, Germany). The appointments of Mr Berger, Mr Kvall and Mr Schauerte are effective 1 January 2020, while Mr Procházka will begin his term on 1 April 2020.

EFRAG TEG Vice-Chair Nicklas Grip has been reappointed, along with Ana Rosa Cortez, Geert Ewalts, Emmanuelle Guyomard, Ambrogio Virgilio and Jed Wrigley. Their reappointments are effective from 1 April 2020.

For more information, see the press release on the EFRAG Web site.