July 28, 2015
ASAF meeting July 2015
The IASB held its ninth Accounting Standards Advisory Forum (ASAF) meeting on 16-17 July 2015 in London with its revised membership.
The AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board (AASB) and Member of the New Zealand Accounting Standards Board (NZASB); Mr Jianqiao Lu, Director of the Accounting Regulatory Department, Ministry of Finance China (MOFC); and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan; and eight other members of the IASB's ASAF participated at the meeting.
The ASAF discussed:
- the AASB and NZASB's ideas for the release pattern of the contractual service margin and the modification of the accounting policy choice for presenting the effect of changes in discount rates in profit or loss or other comprehensive income;
- members' initial views on the recognition and derecognition proposals that are included in the IASB's Conceptual Framework exposure draft, and EFRAG's paper on the distinction between profit or loss and other comprehensive income;
- members' views on the existing/possible problems with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and the objectives and strategies of the IASB's research project that aims to improve IAS 37;
- members' views on the content of the IASB's forthcoming discussion paper on the Principles of Disclosures;
- members' views on the IASB's tentative decisions on the approach to its project on Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging;
- the MOFC's proposed model for the accounting of emissions trading and members' views on the IASB staff's findings on the present accounting approaches for cap-and-trade schemes;
- members' views on the IASB's tentative decisions from its May 2015 meeting in relation to rate-regulated activities; and
- members' views on the next steps of the IASB's project on Discount Rates.
The ASAF also received an update on the IASB's forthcoming exposure draft on the clarifications to IFRS 15 Revenue from Contracts with Customers, the IASB's standard-setting and research agendas, and the IASB's proposed future ASAF agendas.