IFRS Publishes Summary of the Meeting of Emerging Economies Group
The IFRS Foundation published a report containing summary of the 16th meeting of the Emerging Economies Group, which was held in South Korea from October 29, 2018 to October 31, 2018. The meeting was hosted by the Korea Accounting Standards Board (KASB) and was chaired by Amaro Gomes, a member of the IASB. The key topics discussed at the October meeting included a paper on financial instruments with characteristics of equity, next steps in the goodwill and impairment project, accounting for micro-entities in Brazil, forthcoming review of IFRS for SMEs Standard, and implementation of IFRS 9 on financial instruments.
Additionally, members of the Emerging Economies Group received an update on the activities of IASB and the IFRS Interpretations Committee. Members discussed the application of the expected credit loss model in IFRS 9 and noted the complexity of some models being developed. Members of the Emerging Economies Group noted the importance of working with central banks and regulators on implementing the expected credit loss model. The next meeting of the Emerging Economies Group will be held in Buenos Aires, Argentina, from March 25–27, 2019.
Keywords: International, Accounting, Banking, IFRS 9, Financial Instruments, ECL, EEG, IFRS
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