28 Jul. 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. Click here for more details on the revised ASAF 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.
A detailed summary of this ASAF meeting will be published shortly on the IASB website.
9 Jul. 2015
26 Jun. 2015
Reappointment to the IASB Accounting Standards Advisory Forum
The AOSSG, along with its members: the Accounting Standards Board of Japan; the Australian Accounting Standards Board (who will work closely with the New Zealand Accounting Standards Board to provide a collective Australia and New Zealand view); and the Chinese Accounting Standards Committee have been reappointed as members of the IASB's next Accounting Standards Advisory Forum (ASAF).
The AOSSG’s reappointment on ASAF is a recognition of the hard work of our members as a group and the AOSSG’s contributions to the work of the IASB. The AOSSG's ASAF Working Party and its secretariat, and AOSSG's Working Group Leaders, will continue to support the AOSSG representative on ASAF.
12 Jun. 2015
9 Jun. 2015
2 Jun. 2015
Joint HKICPA and IFRS Foundation IFRS Conference, 12 – 13 October 2015
The Hong Kong Institute of CPAs (HKICPA) and the IFRS Foundation will jointly host an IFRS Conference on 12-13 October at the JW Marriott Hotel, Hong Kong.
The conference will focus on live implementation plans for IFRS 9 Financial Instruments from the perspective of both financial and non-financial institutions, IFRS 15 Revenue from Contracts with Customers and the upcoming standards on leases and insurance contracts, as well as discussion on the need and methods for better disclosures and on cross-cutting implications of IFRS measurements.
At the event, IASB Chairman, Vice Chairman and Members will also give an update on active projects and future plans in financial reporting, covering conceptual framework, macro hedging, rate-regulated activities, implementation projects and research projects.
Following the conference, a half-day workshop on implementing the IFRS for SMEs will be held on 13 October afternoon, which will cover case studies of the IFRS for SMEs application in Hong Kong.
Click here for the conference and workshop details, and register by 30 July to enjoy the early bird discount.