April 22, 2015
The IASB held its eight Accounting Standards Advisory Forum (ASAF) meeting on 26-27 March 2015 in London. The AOSSG Chair, Mr Clement Chan; AOSSG member standard-setters: Ms Kris Peach, Chair of the Australian Accounting Standards Board; Mr Guangzhong Liu and Mr Jianqiao Lu, respectively the Director-General and Director of the Accounting Regulatory Department, Ministry of Finance China; and Mr Yukio Ono, Chairman of the Accounting Standards Board of Japan (ASBJ); and seven other members of the IASB's ASAF participated at the meeting.
The ASAF discussed:
- the ASBJ's views on the different measurement bases proposed for the Conceptual Framework and the information that those measurement bases provide;
- the ASBJ's views on the use of OCI for the presentation of unearned profits in relation to contractual service margins, and the transition relief on initial application of the new Insurance Contracts standard after the implementation of IFRS 9 Financial Instruments;
- the IASB’s recommendations arising from the Post-implementation Review of IFRS 3 Business Combinations;
- the role of the primary financial statements and the IASB's materiality practice statement under the Disclosure Initiative project;
- the historical and current accounting practice in Canada for business combinations under common control (BCUCC), the IASB's findings from its BCUCC outreach and IASB staff's proposed accounting for specific types of BCUCC transactions;
- the scope, and examples and consequences of the IASB's Financial Instruments with Characteristics of Equity project;
- the developments of the joint IASB/FASB Revenue Transition Resource Group, including ASAF members' views on the deferral of IFRS 15 Revenue from Contracts with Customers;
- the IASB's proposed approach in addressing the issues identified with the equity method of accounting; and
- the next steps of the Leases project.