May 13, 2019

IASB published a summary of the meeting of Accounting Standards Advisory Forum (ASAF), along with the meeting papers and recordings. The meeting was held during April 01, 2019 to April 02, 2019 at the IFRS Foundation office in London. The key topics discussed at the April meeting included accounting treatment of initial coin offerings and tokens in France, amendments to IFRS 17 on insurance contracts, materiality judgments to reporting climate related and other emerging risk issues on financial statements, disclosure initiative, and improving the impairment testing model in IAS 36 on impairment of assets.

One of the objectives of the meeting was to gather views of the ASAF members on the tentative decisions of IASB on possible amendments to IFRS 17. The staff had provided an update on the tentative decisions the IASB made at its March 2019 meeting. The topics related to the tentative decisions include loans that transfer insurance risk, acquisition cash flows for renewals, profit allocation for some contracts, risk mitigation option, balance sheet presentation, transition, and level of aggregation.

 

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

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