Financial reporting / international
FASB is one of 12 national and regional standard setters participating as inaugural members of a group that has been formed to provide technical advice to the International Accounting Standards Board (IASB).
The group, known as the Accounting Standards Advisory Forum (ASAF), was formed to improve cooperation among standard setters across the globe and advise the IASB as it develops IFRS. The ASAF, which met for the first time April 8–9 in London, also includes the:
- South African Financial Reporting Standards Council, supported by the Pan African Federation of Accountants (PAFA).
- Accounting Standards Board of Japan.
- Australian Accounting Standards Board.
- Chinese Accounting Standards Committee.
- Asian-Oceanian Standard-Setters Group (AOSSG), represented by the Hong Kong Institute of Certified Public Accountants.
- Accounting Standards Committee of Germany.
- European Financial Reporting Advisory Group (EFRAG).
- Spanish Accounting and Auditing Institute.
- United Kingdom Financial Reporting Council.
- Group of Latin American Standard Setters (GLASS), represented by the Brazilian Committee of Accounting Pronouncements.
- Canadian Accounting Standards Board.
The proposed amendments were created in response to concerns about the complexity of applying requirements related to accounting for contributions from employees and third parties to defined benefit plans.
The proposal is designed to provide a straightforward alternative for accounting when the contributions payable in a particular period are linked solely to the employee’s service rendered during that period.
For example, the proposal would apply to accounting for employee contributions that are calculated according to a fixed percentage of salary. The proposal is available at tinyurl.com/bna5t2v. Comments are due July 25.
