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IASB meeting — 17-19 May 2011, London

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Tuesday, 17 May 2011

IASB-FASB joint meeting (10:15-18:30)

  • Insurance contracts
  • Asset and liability offsetting
  • Revenue recognition
  • Leases

Wednesday, 18 May 2011

IASB-FASB joint meeting (09:30-16:00)

  • Insurance contracts
  • Revenue recognition
  • Financial instruments - Impairment

Thursday, 19 May 2011

IASB-FASB joint meeting (08:00-12:30)

  • Leases

IASB meeting (13:00-14:15)

  • IFRS Interpretations Committee - Update from last meeting
  • Annual Improvements (2009-2011 cycle and 2010-2012 cycle)

Related Discussions

  • Insurance contracts

    May 17, 2011

    The IASB and FASB discussion on margins (risk adjustment and residual margin vs. the composite margin) spanned two sessions on 17 and 18 May, with an attempt to resolve the divergence between the two Boards.

  • Asset and liability offsetting

    May 17, 2011

    The IASB and FASB considered a summary of feedback received from the offsetting exposure draft as well as during outreach activities, and considered the way forward for the project.

  • Revenue recognition

    May 17, 2011

    The IASB and FASB deliberated on disclosure and presentation requirements, discussing (1) disaggregation of revenues (2) contract assets and liabilities (3) remaining performance obligations (4) assets from acquisition and fulfilment costs.

  • Leases

    May 17, 2011

    After a long, inconclusive and fruitless discussion disagreement between the Boards remained, and it was decided to defer discussion until the Board advisors meet with the staff.

  • Insurance contracts

    May 18, 2011

    The IASB and FASB discussion on margins (risk adjustment and residual margin vs. the composite margin) spanned two sessions on 17 and 18 May, with an attempt to resolve the divergence between the two Boards. These consolidated observer notes are from the two days.

  • Revenue recognition

    May 18, 2011

    The IASB and FASB deliberated on (1) amortisation and impairment of an asset recognised from the costs incurred to acquire or fulfil a contract with a customer and (2) onerous contracts.

  • Financial instruments – Impairment

    May 18, 2011

    The Boards discussed a plan forward for the impairment project based on the inconsistent feedback received from comment letter respondents and outreach activities to the Board's proposals as contained in the Supplementary Document

  • Leases

    May 19, 2011

    The IASB and FASB deliberated on a wide range of topics, as follows: (1) lessee accounting approach (2) lessor accounting in other-than-finance leases (3) lessor accounting in finance leases (4) contract modifications or changes in circumstances (5) options in a lease (6) discount rates in a lease.

  • Annual improvements – 2009-2011 and 2010-2012 cycles

    May 19, 2011

    The IASB considered reassessed the items included in the 2010-2012 cycle of annual improvements against the revised criteria developed by the Trustees and added an additional item in relation to IAS 1, and as part of the 2010-2012 cycle, agreed not to propose amendments on five issues related to IFRS 3, IAS 8, IAS 36 and IAS 41.