January 30, 2019

IASB published summary of the meeting of Accounting Standards Advisory Forum (ASAF), along with the meeting papers and recordings. The meeting was held from December 06, 2018 to December 07, 2018 at the IFRS Foundation office in London. The key topics discussed at the December meeting included financial instruments with characteristics of equity, business combinations under common control, pension benefits that depend on asset returns, management commentary, goodwill and impairment, update and agenda planning, and communication on primary financial statements.

Additionally, ASAF members advised on following six topics in IFRS 17 on insurance contracts that IASB is considering for possible amendments to the standard:

  • Scope of IFRS 17—loans and other forms of credit that transfer insurance risk
  • Acquisition cash flows for renewals outside the contract boundary
  • Contractual service margin: coverage units in the general model
  • Reinsurance contracts held: initial recognition when underlying insurance contracts are onerous
  • Separate presentation of groups of assets and groups of liabilities
  • Further modifications to the retrospective approach

Keywords: International, Accounting, Insurance, IFRS 17, Insurance Contracts, ASAF, IASB

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