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IASB meeting — 18-22 February 2013

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Monday, 18 February 2013

IASB meeting (11:00-17:15)

  • Conceptual Framework
  • Unit of account for fair value measurements
  • IFRIC update
  • Annual improvements 2010-2012
    • IFRS 2 — Definition of 'vesting conditions'
    • IFRS 8 — Aggregation of operating segments
    • IFRS 8 — Reconciliation of the total of the reportable segments' assets to the entity's assets
    • IFRS 13 — Short-term receivables and payables
  • Novation of derivatives - verbal update only
  • Leases

IASB education session (17:15-18:15)

  • Insurance contracts


Tuesday, 19 February 2013

IASB meeting (09:00-14:45)

  • Conceptual Framework
  • Insurance contracts

IASB education session (14:45-18:30)

  • Revenue recognition
  • Leases


Wednesday, 20 February 2013

IASB meeting (08:45-11:45)

  • Conceptual Framework

    IASB-FASB joint meeting (12:30-17:45)

    • Revenue recognition
    • Leases


    Thursday, 21 February 2013

    IASB meeting (09:00-18:00)

    • Conceptual Framework
    • Matters arising from IFRS Interpretations Committee
      • IAS 19 Employee Benefits — Discount rate
      • IAS 19 Employee Benefits — Narrow scope amendments


    Friday, 22 February 2013

    IASB meeting (09:00-12:30)

    • IAS 41 Agriculture — Bearer biological assets
    • Guide for micro entities in applying the IFRS for SMEs
    • Matters arising from the IFRS Interpretations Committee
      • Servicing assets and liabilities — Scope of IFRS 7 disclosures
    • Rate-regulated activities

     

    Agenda papers from this meeting are available on the IASB's website.


    Related Discussions

    • Conceptual Framework (IASB only)

      Feb 18, 2013

      The Board discussed an initial draft of the Conceptual Framework discussion paper. The IASB Staff presented to the Board the following sections for discussion: (a) purpose and status of the Conceptual Framework; (b) elements of financial statements; (c) recognition and derecognition; and (d) measurement.

    • IFRIC update (IASB only)

      Feb 18, 2013

      The staff presented the IFRS Interpretations Committee’s (the “Committee”) January 2013 IFRIC Update newsletter, providing an update of the issues discussed at the 22-23 January 2013 Committee meeting.

    • Annual improvements 2010-2012 (IASB only)

      Feb 18, 2013

      In May 2012, the IASB published Exposure Draft Annual Improvements to IFRSs 2010-2012 Cycle. The comment period ended on 5 September 2012. The Committee deliberated the comments received on the proposed amendments at its November 2012 and January 2013 meetings. At this meeting, the IASB was asked to consider the Committee’s recommendations on how to proceed with four of the proposed amendments (regarding IFRS 2, IFRS 8 and IFRS 13) included in the May 2012 Exposure Draft.

    • Leases (IASB only)

      Feb 18, 2013

      The Board discussed whether, as a consequence of the lessee accounting proposals, right-of-use assets that meet the definition of investment property should be within the scope of IAS 40 Investment Property.

    • Conceptual Framework - ASBJ research on the use of OCI (IASB education session)

      Feb 19, 2013

      The IASB received a presentation by the staff of the Accounting Standards Board of Japan (ASBJ) on the research that they had undertaken on the use of Other Comprehensive Income (OCI) under existing IFRS. The Staff of the ASBJ presented their findings to the IASB members based upon the order of the slides that each IASB member had.

    • Insurance contracts (IASB only)

      Feb 19, 2013

      The Board discussed the balloting process for the revised Exposure Draft on accounting for insurance contracts and supported the Staff's recommendations on the accounting on transition for insurance contracts that were acquired through a business combination.

    • Leases (IASB education session)

      Feb 19, 2013

      The IASB held an education session to discuss possible clarifications to the guidance within the revised Leases Exposure Draft regarding the transition of leases that are currently classified as finance leases under IAS 17 'Leases'.

    • Conceptual Framework - Purpose and status (IASB)

      Feb 20, 2013

      The staff presented to the Board an early draft of the section on the purpose and status of the conceptual framework that would be included within the Conceptual Framework discussion paper (DP).

    • Revenue recognition (IASB and FASB)

      Feb 20, 2013

      The Boards discussed questions raised in response to the 2011 revised exposure draft (2011 ED) related to proposed disclosure requirements as well as the proposed transition method, including consideration to early adoption and the effective date.

    • Leases (IASB and FASB)

      Feb 20, 2013

      The Boards discussed possible clarifications to the guidance within the draft revised Leases Exposure Draft regarding the transition of leases that are currently classified as finance leases under IAS 17 Leases (IFRSs only) and as capital/direct-finance/sales-type (referred to as ‘capital’ leases herein) and leveraged leases under Topic 840, Leases (US GAAP only).

    • Conceptual Framework - Elements of financial statements

      Feb 21, 2013

      The Board was presented, by the staff, an early draft of the section on the definition of equity and the distinction between liabilities and equity instruments that would be included in the Conceptual Framework discussion paper.

    • IAS 41 — Bearer biological assets (IASB only)

      Feb 22, 2013

      The Board discussed the remaining issues in the limited scope project on bearer biological assets (BBAs): (1) how to apply a cost model to BBAs (2) requirements for produce growing on BBAs and (3) transition requirements.

    • Rate-regulated activities (IASB only)

      Feb 22, 2013

      The Board discussed the proposed interim Standard for Rate-regulated Activities that would allow entities adopting IFRS to continue to use their local GAAP requirements for rate-regulated activities until the comprehensive project is completed. Several application issues were identified by the staff in drafting. The purpose of this meeting was to clarify these issues and ask the IASB to decide whether to include application guidance in the proposed interim Standard or to make consequential amendments to other Standards.