About the Accounting Division
The Accounting Division represents members' views on the development and implementation of International Financial Reporting Standards (IFRS), and related aspects of the regulatory environment, to the International Accounting Standards Board (IASB), and to other relevant standard-setting and/or regulatory bodies, including the Financial Reporting Council (FRC), the Accounting Standards Board (ASB), HMT Treasury, the Department for Business, Innovation and Skills (BIS), and the FSA, as well as key EU bodies such as the European Commission, the European Financial Reporting Advisory Group (EFRAG), and the Committee of European Securities Regulators (CESR). The division also keeps a largely watching brief on corresponding developments in US GAAP and in the associated US regulatory environment, which results in occasional representations to the FASB and/or the SEC.
The division's work is governed by an Accounting Committee, whose principal members are the EMEA or UK heads of accounting policy of member firms, or their designees. The committee's regular monthly meetings are supplemented by meetings of technical working groups and by monthly meetings of InFITAG (the International Financial Instruments Technical Advisory Group). InFITAG is a joint AFME / ISDA group which focuses on issues arising from the practical application of IFRS. The division also has a Product Control Sub-Committee, which provides a forum for senior product controllers to discuss issues of common interest.
Key Issues and Initiatives
- IASB exposure drafts on Consolidations, Derecognition and Revenue Recognition, where our formal written submissions were supplemented by a series of meetings with IASB staff to review a range of issues specific to our sector;
- IASB Exposure drafts on Classification and Measurement of Financial Instruments, on Fair Value Measurement, and on related topics such as the Expected Loss Model for Impairment, as well as other related IASB consultations. The division participates in stakeholder meetings called by the European Commission and closely coordinates its work with ISDA;
- IASCF Constitution Review – Parts I & II, which focus on the governance of the IASB; and
- ASB Policy Proposal: the Future of UK GAAP.
Contact
Ian Harrison, Managing Director
ian.harrison@afme.eu
+44 (0)20 7743 9349
Documents
Accounting documents prior to November 2009 are collected here.