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Summary of April 2013 GLASS meeting

  • GLASS (Group of Latin-american Accounting Standard Setters) (dk green) Image

15 May 2013

The Group of Latin American Accounting Standard Setters (GLASS) has released a summary of its meeting held in São Paulo during April. The meeting also saw a presentation from the Asian-Oceanian Standard-Setters Group (AOSSG).

Kevin Stevenson, Chairman of the AOSSG, attended the GLASS meeting together with the AOSSG's Vice Chairman, Clement Chan. Both are also members of the IASB's Accounting Standards Advisory Forum (ASAF). They were joined by the GLASS representative on the ASAF, Alexsandro Broedel, and much of the discussion focussed on bringing together standard-setters in a given geographical region and representing them through one person on ASAF. GLASS also received a report on the first ASAF meeting and discussed the Memorandum of Understanding signed by all ASAF members.

Technical discussions at the meeting focussed on classification and measurement under IFRS 9, acceptable methods of depreciation, equity accounting, and novation of derivatives. Comment letters on all these topics have been submitted to the IASB. The group also discussed impairment of financial assets, contribution of assets between an investor and its associate or joint venture, and expected credit losses. Comment letters on these topics will be submitted to the IASB in due course.

Please click for more information on the GLASS website (Portuguese only).

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