March 18, 2019 The Commission on Financial Reporting (CFR) meeting was held at the EFFAS office and attended by Friedrich Spandl, Luca D’Onofrio, Henning Strom, Serge Pattyn, Jacques de Greling and Javier de Frutos. Dr. Carsten was in Brussels attending an EU conference on Corporate Reporting.
IASB joined the working session via conference call to provide an update on its work in- progress and discuss the project on Primary Financial Statements.A second point reviewed was the introduction of management performance measures (MPMs) and the incorporation of more disaggregation. A solid and useful exchange of views was held between Commission members and the IASB staff. Other issues presented were feedback on the FICE document paper and Goodwill and Impairments. Following an exchange of views, it was agreed to keep talking and have regular updates on the project. IASB expects to release a document for public comment in the 2H of 2019.
CFR Members discussed the IFRS issue and considered that although certain adjustments could be introduced stakeholders should continue working on the basis of IFRS-17. Members noted that issues related to contractual service margin (CSM) amortization, annual cohorts and transition could be revised within the context of the Transition Resource Group (TRG).
On behalf of the Commission, many thanks to EFFAS GS and staff for their support and assistance.