As part of the ASB’s influencing role, on 24-25 March ASB Chairman Ian Mackintosh chaired a meeting of National Standard-Setters (NSS) in Hong Kong. Delegates from 15 countries plus EFRAG and the IASB attended. In addition, representatives of standard-setters from a number of other countries observed the meeting. The meeting was very successful and generated some good discussion on a range of topical issues, a number of which are reported on elsewhere in this edition of Inside Track, including the ED of the IFRS for SMEs, the conceptual framework and a number of the PAAinE projects. The aim of the group is to facilitate research into accounting issues and to exchange ideas on that research.

EFRAG Meeting with IASB

On 17 April, an EFRAG delegation, including representatives from the ASB, met with IASB Board members to discuss a number of topical issues on the IASB/FASB convergence agenda. The observer notes for the meeting can be accessed via the IASB's website www.iasb.org. The meeting included discussions on revenue recognition, the equity/liability distinction, business combinations, the conceptual framework project and measurement.