ICAC PARTICIPATES IN IASB WORLD STANDARD-SETTERS MEETING
Representatives from standard-setters in over 60 countries gathered in London on September 29 and 30, 2014 for the International Accounting Standards Board (IASB) annual meeting of world standard-setters. The ICAC was represented at the meeting by Andrew Brathwaite, Director on the ICAC Board, and Chair of the ICAC’s Regional Monitoring Sub-committee and Membership Committee. Mr. Brathwaite is also a member of the IFRS Foundation’s SME Implementation Group.
The focus of the meeting was on recent developments in the setting and implementing of International Financial Reporting Standards (IFRS) and included a number of technical sessions covering emerging issues related to topics such as the conceptual framework project, the disclosure initiative and IFRS for SMEs. The sessions presented an opportunity to interact with IASB technical staff and raise questions or provide direct feedback.
The topics discussed during the technical sessions were:
- IFRS implementation updates;
- Disclosure initiative; IFRS 15 - Revenue from Contracts with Customers;
- IFRS 9 - Financial Instruments;
- Post-implementation review (PIR) of IFRS 3 - Business Combinations;
- IFRS adoption and translation issues.
The meeting included updates from groupings which have been formed to promote regional interests and streamline interaction with IASB. These included the International Forum of Accounting Standard Setters (IFASS), the Asian-Oceanic Standard-Setters Group (AOSSG), the European Financial Reporting Advisory Group (EFRAG), and the Pan African Federation of Accountants (PAFA).
Participants were also given an update on the IFRS Education Initiative which now includes comprehensive framework-based material for those teaching IFRS. This presents a further opportunity for the Caribbean to develop high quality local trainers and educators.
“Participation in the World Standard-Setters Meeting and similar conferences is one of the means by which Caribbean accountants can make direct input into the standard setting process, and ensure that our views and concerns are taken into consideration. In order to maximize the benefit, though, we must continue to look for creative ways of stimulating discussion on technical matters and getting feedback and comments from member bodies,” notes Mr. Brathwaite.
