The October 2025 reference group meeting discussed recent guidance by the IASB® and the IFRS® Interpretations Committee on IFRS 9 Financial Instruments. This included the amendments to IFRS 9 on the settlement of liabilities through electronic payment systems and two tentative IFRIC agenda decisions. Access the presentations on the ASB website.
The Secretariat developed a poll for stakeholders to assess their readiness to implement GRAP 104. The reference group considered the results of the poll (so far), which revealed low levels of preparedness among stakeholders. This is concerning as the Standard is already effective for PFMA and MFMA entities. Entities are encouraged to incorporate the requirements of the newly effective Standard into their day-to-day processes and operations to ensure seamless reporting at year-end.
A PFMA entity presented their experience and plan for implementation of the revised Standard to the reference group. The group acknowledged that the work required to implement the new Standard differs from entity to entity. An important consideration is the determination of which forward-looking factors to include in the impairment calculation. The risks and behaviours of debtors (and their geography) are different across entities, and this affects the selection of the appropriate forward-looking factors in the impairment assessment. A key message to entities from the discussion is that successful implementation of the Standard requires good quality underlying data.
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The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.