Joint IASB and FASB meeting

Released 29 July 2019

The International Accounting Standards Board and the Financial Accounting Standards Board held a joint meeting in July to discuss their joint projects.

The joint meeting was described as an ‘educational session’ and the two boards discussed a number of projects that either sides are considering:

Segment Reporting – FASB;

Primary Financial Statements (IASB) and Financial Performance Reporting (FASB);

Financial Instruments with Characteristics of Equity (IASB) and Distinguishing Liabilities from Equity (FASB);

IBOR Reform (IASB) and Reference Rate Reform (FASB);

Goodwill and Impairment (IASB) and Identifiable Intangible Assets and the Subsequent Accounting for Goodwill (FASB). The boards discussed the following in particular:

improving the quality of disclosures

amortising goodwill as opposed to using an impairment-only model; and

simplifying the impairment test.

Targeted Standards-level Review of Disclosures (IASB) and Disclosure Framework (FASB); and

stakeholder feedback on respective activities supporting implementation of revenue recognition standards and lease standards.

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