Accounting Standards Board Meeting 12 May 2022

Here is a summary of the main matters considered in the public session.

Disclosure of Fees Paid to Audit Firms

The Board approved the following Exposure Drafts for public consultation:

•  Disclosure of Fees Paid to Audit Firms (Proposed amendments to FRS-44); and
• Disclosure of Fees Paid to Audit Firms (Proposed amendments to PBE IPSAS 1).

The Consultation documents will be published in late June 2022. 

Definition of Public Accountability

The Board provided feedback on the draft Exposure Draft Definition of public accountability – narrow-scope amendments to XRB A1 Consultation document.

After the meeting the IASB confirmed they will be considering developing possible amendments and guidance to clarify the definition of public accountability as used in certain standards. As a result, the XRB has agreed to publish staff guidance on the definition of public accountability, rather than proposing amendments to XRB A1 at this time. 

IPSASB Conceptual Framework Update

The Board approved the comment letter on IPSASB ED 81 Conceptual Framework Update: Chapter 3, Qualitative Characteristics and Chapter 5, Elements in Financial Statements.

The comment letter is available here. 

Tier 3 and Tier 4 – outreach plan

The Board provided feedback on the Tier 3 and Tier 4 Consultation Outreach Plan. 

Primary Financial Statements  – project update

The Board received an update on the IASB’s Primary Financial Statements project including the analysis of responses received to the Exposure Draft issued by IASB in December 2019. 

This meeting summary refers to the work of the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).