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IASB meeting — 15-18 February 2011, London

Start date:

End date:

Location: London

Agenda for the meeting

Tuesday, 15 February 2011

IASB meeting (13:30-17:15)

  • Consolidation and joint arrangements – Effective date and early application
  • Post-employment benefits
  • Financial instruments – Impairment — Disclosures

Wednesday, 16 February 2011

IASB-FASB joint meeting (11:00-18:45)

  • Revenue recognition
  • Insurance contracts – Education session on 'unbundling'
  • Leases
  • Revenue recognition (continued)

Thursday, 17 February 2011

IASB-FASB joint meeting (08:30-19:00)

  • Leases – Distinguishing between leases and services
  • Financial Instruments: Impairment – Definition of the term 'write-off'
  • Revenue recognition
  • Cross-cutting issues – Taking uncertainty into account in the measurement of an asset or liability
  • Leases (continued)
  • Insurance contracts

Friday, 18 February 2011

IASB-FASB joint meeting (08:30-12:45)

  • Insurance contracts

 


Related Discussions

  • Consolidation and joint arrangements – Effective dates and transition

    Feb 15, 2011

    The IASB considered the effective date and early application of the forthcoming IFRS 10, IFRS 11, IFRS 12, IAS 27 (revised 2011) and IAS 28 (revised 2011), unanimously agreeing to require an effective date of 1 January 2013 with early application permitted if all five standards are early adopted and limited retrospective application.

  • Post-employment benefits

    Feb 15, 2011

    The IASB considered the following topics: (1) p resentation of remeasurements (2) feedback on tentative decisions to date (3) project status (4) effective date of any amendments and transitional requirements.

  • Financial instruments – Impairment — Disclosures

    Feb 15, 2011

    The IASB discussed some of the disclosures included in the original exposure draft, including the stress testing requirement and disclosures on the credit quality of financial assets and vintage information.

  • Revenue recognition

    Feb 16, 2011

    The IASB and FASB: (1) continued their discussion on identification of performance obligations from the January 2011 Board meetings, considering a revised objective and criteria for identifying separate performance obligations (2) continued their discussion over revenue recognition for service arrangements.

  • Insurance contracts – Education session

    Feb 16, 2011

    The IASB and FASB held an education session to understand the effect, costs and benefits of separating insurance contracts into insurance and non-insurance components, referred to as 'unbundling'.

  • Leases

    Feb 16, 2011

    Based on feedback received from interested parties, the IASB and FASB were asked to consider: (1) initial measurement of options to extend or terminate a lease (2) reassessment requirements associated with options to extend or terminate a lease (3) symmetry between lessee and lessor accounting.

  • Revenue recognition – Combining contracts and contract modifications

    Feb 16, 2011

    In a second session on revenue for the day, the IASB and FASB discussed (1) principles on when multiple contracts should be combined and accounted for as a single contract (2) when to account for a contract modification as a separate contract, or as part of the original contract.

  • Leases - Distinguishing between leases and services

    Feb 17, 2011

    The IASB and FASB considered how to distinguish between leases and services, including the types of leases and the principles relation to the definition of a lease (the concepts of 'specified asset', 'right to control' and 'use of an asset').

  • Revenue recognition

    Feb 17, 2011

    The IASB and FASB discussed (1) the identification of separate performance obligations (2) breakage on prepayments (i.e. how to recognise revenue for unused gift cards or other prepaid services) (3) onerous performance obligations.

  • Leases

    Feb 17, 2011

    In a second session on leases for the day, the IASB and FASB discussed accounting for variable lease payments, including other considerations such as residual value guarantees and term option penalties.

  • Insurance contracts

    Feb 17, 2011

    The IASB and FASB considered (1) the current assumptions under which the insurance contracts project is being developed (2) the discount rate to be used in discounting non-participating contracts.

  • Insurance contracts

    Feb 18, 2011

    The IASB and FASB (1) continued their discussion of discount rates for non-participating contracts (2) considered a paper addressing the estimation of future cash flows (3) considered a paper on the results of consultations on the use of an explicit risk adjustment (4) considered whether an insurer should recognise day one gains and losses (5) had an education session focusing on the implications of unlocking and remeasuring residual or composite margins (6) had a refresher on the presentation models.