Summary of the December 2022 ASAF meeting now available

  • ASAF meeting (mid blue) Image

01 Feb 2023

The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held on 8-9 December 2022.

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

  • Agenda planning and feedback from previous ASAF meeting (1–5): The ASAF members discussed the proposed topics for the next ASAF meeting and agreed to include the topics suggested. A discussion on the relationship between the work of the IASB and the ISSB was also suggested. In addition, an ad-hoc ASAF meeting was requested for the first quarter of 2023 to discuss the IASB proposed narrow-scope amendments to IAS 12.
  • Primary financial statements (6–9): The ASAF members were updated on the results of the targeted outreach held between September and December 2022.
  • Accounting for Variable Consideration (10–14): EFRAG presented research on the accounting for variable consideration. The research considered when to recognise a liability within the scope of IAS 32 and IFRS 9 for variable consideration that depends on the purchaser’s future actions and whether and when to update the cost measurement of an acquired asset for changes in estimates of variable consideration.
  • Post-implementation review of IFRS 15 (15–27): ASAF members were asked for their overall views on IFRS 15, application matters, transition matters, and the benefits and costs of implementing and applying the standard.
  • Business combinations under common control (28–47): The staff provided an update on the project and asked ASAF members’ views on particular aspects of the staff’s analysis on selecting the measurement method(s) to apply to business combinations under common control.
  • Provisions — Discount rates (48–64): ASAF members provided views on discount rates for provisions and whether the IASB should amend IAS 37 to specify the treatment of non-performance risk as well as disclosure of information about rates used to discount provisions.
  • Equity Method (65–72): ASAF members were provided with an update on the project and were asked for views on four alternatives identified to answer the application question around IFRS 10 and IAS 28.

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

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