08/11/2022 - Report with key messages from the September 2022 IFASS meeting available
A report with the key messages and points of discussion from the financial and sustainability reporting topics covered at the September 2022 IFASS (International Forum of Accounting Standard Setters) meeting has been issued.
Read the report here. Pictures of the meeting are available here.
On 27-28 September 2022, IFASS held a meeting in London that was sponsored by the IFRS Foundation. It was the first meeting since EFRAG took over the Secretariat of IFASS. The meeting was chaired by EFRAG FR TEG Chair and EFRAG Acting SR TEG Chair Chiara Del Prete, whose term is effective from March 2022 to March 2024. At the meeting, the following financial and sustainability reporting topics were presented and discussed by IFASS participants.
- Subsequent measurement of goodwill (presentation by UKEB);
- PIR of IFRS 9 Financial Instruments Classification and Measurement, and accounting ESG-linked financial instruments under US GAAP (presentations by the AASB, FASB, and OIC);
- Improving cash-flow reporting (break out session);
- PIR of IFRS 15 Contracts with Customers (presentation by IASB and EFRAG staff);
- Sustainability reporting: Reporting on climate-related risks (presentations on the EU-ESRS, SEC, and IPSASB consultations and a panel discussion on IFRS S2 ED involving ISSB, AASB, FRC-UK, KASB, PAFA, and SSBJ); and an update on the TNFD project on nature-related disclosures (presentation by the TNFD);
- Accounting for digital assets (a panel discussion involving AcSB, ASBJ, EFRAG, and FASB);
- Second comprehensive review of IFRS for SMEs Accounting Standard (a panel discussion involving IASB staff, AOSSG, FACPCE-Argentina, FRC-UK, PAFA) and an update on the INPAG adaptation of the standard (presentation by CIPFA);
- Way forward for future IFASS meetings.
The report with key messages and points of discussion on the above topics has been issued and is available here. In addition, a compilation of photos from the meeting is available here.
The next two IFASS meetings will be held on:
-12 January 2023 (virtual meeting)
-19-21 April 2023 (in-person meeting to be held at the US FASB offices in Norwalk, USA)
