Chair and Vice-Chair of the International Accounting Standards Board (Board) Hans Hoogervorst and Sue Lloyd join communications team member Kasia Gilewska to summarise the July Board meeting and discuss other developments and events this month. They outlined:
- the Board’s recent meeting with the Accounting Standards Advisory Forum (ASAF), which is the Board’s technical advisory group of standard-setters from around the world. Meeting participants shared views on technical matters, including intangibles.
- projects for which the Board concluded its technical discussions and gave the technical staff the green light to draft the consultation documents. The projects are Goodwill and Impairment, Primary Financial Statements and Rate-regulated Activities;
- deliberations on stakeholders’ feedback on the Exposure Draft on interest rate benchmark reform, IBOR for short, touching upon the Board’s plans for Phase 2 of the project and explaining why the Board decided to meet, rather than break in August to finalise Phase 1;
- discussions on how the Dynamic Risk Management model works, objectives of its disclosure requirements and potential simplifications.
- this month’s progress on Management Commentary, the review of The IFRS for SMEs Standard, and the Disclosure Initiative.