The next meeting of the Accounting Standards Advisory Forum (ASAF) is planned for December 8 and December 9, 2016. “Country-by-country reporting: Update on AASB (Australian Accounting Standards Board) approach” is one of the items on the Agenda for December 8, 2016.

The objective of the ASAF is to provide an advisory forum where members can constructively contribute towards the achievement of the IASB’s goal of developing globally accepted high-quality accounting standards. More particularly, the ASAF is established to:

·   support the IFRS Foundation in its objectives, and contribute towards the development, in the public interest, of a single set of high quality understandable, enforceable and globally accepted financial reporting standards to serve investors and other market participants in making informed resource allocations and other economic decisions;

·   formalise and streamline the IASB’s collective engagement with the global community of national standard-setters and regional bodies in its standard setting process to ensure that a broad range of national and regional input on major technical issues related to the IASB’s standard setting activities are discussed and considered; and

·   facilitate effective technical discussions on standard-setting issues, primarily on the IASB’s work plan, but which may include other issues that have major implications for the IASB’s work, in sufficient depth, with representatives at a high level of professional capability and with a good knowledge of their jurisdictions/regions.

As stated above one of the items on the agenda is “Country-by-country reporting: Update on AASB (Australian Accounting Standards Board) approach”. In this respect the following documents have been made available on the website of the IFRS:

·   A Staff Paper titled: “Country-by-country reporting: Update on AASB (Australian Accounting Standards Board) approach”

·   A presentation titled: “Country-by-country reporting: Update on AASB (Australian Accounting Standards Board) approach”

Staff Paper

The Staff paper discusses a.o. the following subjects:

·   Executive summary

o  Should IAS 12 Income Taxes be amended?

o  Recommended amendments to IAS 12

·   Background

o  Voluntary Tax Transparency Code

o  Other Australian measures

·   Research focus and purpose

·   Research observations and findings

o  Review of income tax disclosures

o  Findings from discussions with stakeholders

·   Analysis and recommendations

o  Alternative disclosures considered

o  Possible manners of presenting the suggested disclosures

Click here to be forwarded to the Staff Paper as made available on the website of the IFRS, which will open in a new window.

Click here to be forwarded to the Presentation as made available on the website of the IFRS, which will open in a new window.

It will be possible for interested parties to attend the meeting. Furthermore a live webstream of the meeting will be available. Both for attending the meeting in person as for being able to follow the live webstream one has to register upfront. On the meeting page it is stated that soon after the meeting has finished a recording of the webcast/meeting will be made available. More information on how to register and where a recording of the webcast/meeting will be made available can be found on the ASAF December 2016 meeting page.

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