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Please find below a brief summary of news and events from the International Accounting Standards Board (Board) and the IFRS® Foundation over the past month:

IFRS Foundation Trustees announce ASAF membership 2018–2021

The Trustees of the IFRS Foundation announced the new composition of the Accounting Standards Advisory Forum (ASAF), a technical advisory body to the Board, for the next three years. The full composition of ASAF members can be accessed.

IASB amends definition of business in IFRS Standard on business combinations

The Board issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business. The amendments will help companies determine whether an acquisition made is of a business or a group of assets.

IASB clarifies its definition of 'material'

The Board issued amendments to its definition of material to make it easier for companies to make materiality judgements.

Interview with Chair of the Trustees Erkki Liikanen

In October 2018, Erkki Liikanen took over from Michel Prada as Chair of the IFRS Foundation Trustees. In this interview, Mr Liikanen shares his thoughts about his new role, the work of the IFRS Foundation and his interests outside of work. 

The IASB—Reputation, legitimacy and happy families

Board member Ann Tarca delivered the RJ Chambers Memorial Research Lecture in Sydney on 29 October 2018. She discusses the relationships of the Board with its stakeholders and explores their contribution to standard-setting.

World Standard-setters Conference 2018

Standard-setters from more than 60 different countries gathered in London for the annual World Standard-setters Conference on 1 and 2 October. Find out more about the event.

IASB discusses next steps in implementation support for IFRS 17

During its October meeting, the Board discussed feedback it had received from stakeholders about IFRS 17 Insurance Contracts. This feedback allowed the Board and its technical staff to better understand the concerns relating to the implementation of IFRS 17, and whether further steps are required. View the meeting papers.

September 2018 TRG for IFRS 17 meeting summary and podcast available

The Transition Resource Group for IFRS 17 Insurance Contracts held a meeting on 26 and 27 September 2018. Visit the meeting page for the meeting summary and access the podcast here.

October podcasts:

  • October 2018 IASB podcast

    Hans Hoogervorst and Sue Lloyd, Chair and Vice-Chair of the Board, provide an update on the October meeting of the Board and other recent developments. Listen to the podcast here.

  • IFRS 17 Insurance Contracts podcast
  • Darrel Scott, member of the Board, and Roberta Ravelli, technical staff, provide podcast update on next steps in implementation support for IFRS 17. Listen to the podcast here, on YouTube or our podcast page.

Papers for the IASB Research Forum 2018 now available

The papers that will be discussed at this year’s annual IASB Research Forum are now available. The event takes place in Sydney, Australia, on 11 and 12 November and brings together academics and non-academics from around the world.

IASB members help shape academic accounting research

Five teams of academics presented their accounting research projects to members and technical staff of the Board to receive comments on how their research can best be tailored to meet the needs of the Board. Read the story here.

Annotated Issued IFRS Standards 2018—now also available in print as a bound volume

The Annotated Issued IFRS® Standards 2018 replaced the book previously known as A Guide through IFRS Standards (informally called the Green Book). Click here to learn more