Summary of the March 2023 ASAF meeting now available

  • ASAF meeting (mid blue) Image

09 May 2023

The IASB staff have published a summary of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 27–28 March 2023.

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 (1–2): The ASAF members discussed topics for its next meeting to be held on 10–11 July 2023 and will include a discussion on the UKEB’s publication on intangibles.
  • Equity method research project (3–28): The ASAF members provided views on the IASB’s tentative decisions on the equity method project related to changes in an investor’s ownership interest while retaining significant influence, recognition of losses, and application questions referred to in paragraph 3(a), and potential effects.
  • Rate-regulated activities (29–40): The ASAF members were updated on the redeliberations of the Exposure Draft Regulatory Assets and Regulatory Liabilities and the IASB’s tentative decisions on scope and total allowed compensation help to address stakeholders’ concerns about the proposals.
  • Disclosure initiative — Subsidiaries without public accountability: Disclosures (41–48): The ASAF members provided views on potential effects of applying the Standard as proposed in the Exposure Draft Subsidiaries without Public Accountability and the benefits of applying the new Standard will outweigh the costs of applying it.
  • IASB and ISSB connectivity (49–51): The ASAF members discussed the topic of connectivity and provided comments relating to their jurisdiction.
  • Primary financial statements (52–87): The ASAF members were updated on the project and provided feedback on the transition period and effective date of the upcoming IFRS Accounting Standard General Presentation and Disclosures and expected costs and benefits.
  • Business combinations — Disclosures, goodwill and impairment (88–131): The ASAF members provided views on some suggestions by respondents related to the Discussion Paper Business Combinations — Disclosures, Goodwill and Impairment.

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

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