Report on the spring 2022 IFASS meeting

  • IFASS (International Forum of Accounting Standard Setters) (dark green) Image

09 May 2022

A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held by remote participation on 7 and 8 March 2022.

As reported earlier, among the topics discussed at the meeting were the second review of the IFRS for SMEs and sustainability reporting.

The full list of topics discussed at the meeting was:

  • Update on “Restoring trust in audit and cooperate governance”
    • Presentation by the FRC on the UK Government consultation
  • Separate financial statements
    • Presentation by the KASB and continuation of discussions from previous IFASS meetings
  • Non-current liabilities with covenants – Thoughts on the IASB exposure draft
    • Presentations by UKEB and MASB
  • Disclosure initiative — Targeted standard-level review of disclosures
    • Presentation by EFRAG on its field testing of the proposals in the IASB exposure draft
  • Supplier finance arrangements
    • Presentation by EFRAG
  • Review of the IFRS for SMEs
    • Presentation by the IASB
  • International financial reporting for non-profit organisations – IFR4NPO project update
  • Sustainability-related reporting items
    • Strategic level update on the ISSB work (ISSB)
    • Update on EFRAG Project Task Force on European sustainability reporting standards (ANC)
    • Sustainability-related reporting (AASB)
    • General update on sustainability related reporting project in a specific jurisdiction (KASB)
    • Discussion on all sustainability-related reporting presentations
  • PIR of IFRS 9 (classification and measurement)
    • Presentations by AASB, CASC, EFRAG, HKICPA, ICAI, and MASB
    • Break-out sessions
    • Plenary session with presentation of group discussions

The next meeting is to be held on 27-28 September 2022 in London.

Please click for the full report from the meeting.

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