ASAF discusses conceptual framework at inaugural meeting

MEMBERS OF THE IASB’s advisory group of national standard setters met for the first time this week to discuss the board’s conceptual framework and impairment projects.

The Accounting Standards Advisory Forum (ASAF), a technical advisory body to the IASB composed of 12 national and regional standard setters, met in London for its inaugural meeting since its formation last month.

The meeting began with the IASB and members of the ASAF, including the FRC and FASB, signing a joint Memorandum of Understanding that sets out the purpose of the forum and its operating activities.

Some of the criteria within the original MoU, namely commitments to promote a single set of global standards, had been a sticking point for some members; though this was later watered down to allow members to support the IASB in its mission to promote IFRS rather than promote the standards themselves.

Members were asked to comment on specific revisions to the IASB’s conceptual framework, which underpins the standards it sets, including measurement, presentation of comprehensive income and the definitions and recognition of asset and liabilities.

“The ASAF provides an important opportunity for representatives of the global accounting standard-setting community to discuss in detail the ongoing technical work of the IASB. This was a very productive first meeting, with all parties working together in a highly collaborative manner,” said Hans Hoogervorst, chairman of the IASB.

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