The technical agenda enabled the KASB and EFRAG to discuss the implementation issues arising from the IASB’s recently issued standards such as IFRS 9 and IFRS 15. In reference to the IASB's Disclosure Initiative, both parties exchanged their preliminary views on the Discussion Paper on Principles of Disclosure.
In respect to the IASB’s project on Rate-regulated Activities, both parties shared views and discussed how the project could be progressed. With IFRS 17, the Insurance Contracts Standard that was released shortly after the meeting, the KASB explained the main implementation issues and EFRAG informed of its plan to provide endorsement advice to the European Commission. As one of its research activities, EFRAG introduced an outline of the project “Equity Instruments - impairment and recycling”.
The meeting also provided the opportunity for both parties to share information about their recent activities for a closer working relationship. Both parties acknowledged the importance of continued co-operation by members of the international community applying International Financial Reporting Standards.
EFRAG and the KASB plan to meet again in Brussels in 2018.
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