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IASB meeting — 29-31 January 2013

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Tuesday, 29 January 2013

IASB education session (12:30-19:00)

  • Insurance contracts
    • Allocation of insurance contract revenue - change in pattern of expected claims
    • Considering the transition proposals in the light of subsequent decisions on insurance contract revenue
    • Sweep issues
  • Rate-regulated activities
    • Interim standard: scope, recognition and measurement, presentation, disclosure, transition and consequential amendments
  • Leases
  • Revenue recognition
    • Scope (financial instruments and collaborative arrangements)
    • Repurchase agreements
    • The effect of the revenue recognition model on asset managers
    • Transfers of assets that are not an output of an entity’s ordinary activities
    • Update on outreach regarding disclosure and transition proposals

Wednesday, 30 January 2013

IASB meeting (09:00-11:30)

  • Financial instruments - Hedge accounting
    • Use of 'hypothetical derivatives' and accounting for the effect of FX basis spreads
    • Scope of the new hedge accounting model and 'macro cash flow hedge' accounting
    • Transition for new accounting treatment for 'own use' contracts
    • Due process summary
    • Consideration of re-exposure criteria and permission to draft
  • Matters arising from the IFRS Interpretations Committee

    IASB-FASB joint meeting (12:30-19:30)

    • Revenue recognition- Joint discussion of IASB education session topics noted above
    • Insurance contracts - Joint discussion of IASB education session topics noted above
    • Leases
      • Sweep issue - Lease components and classification of leases

    Thursday, 31 January 2013

    IASB education session (09:00-12:00)

    • Integrated reporting - Overview and update of IASB activities
    • Conceptual Framework
      • Definition of an asset
      • Definition of a liability
      • Recognition/derecognition
      • Presentation

    IASB meeting (13:00-16:30)

    • Post-implementation review — IFRS 8 Operating Segments
    • Insurance contracts - Continued discussion of topics noted above
    • Rate-regulated activities - Substantive discussion of topics noted above


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

    Related Discussions

    • Financial instruments — Hedge accounting (IASB only)

      Jan 30, 2013

      The Board discussed feedback received on the Review Draft on hedge accounting. Specifically, the Board discussed three topics: the measurement of a hedge item through the use of 'hypothetical derivatives'; transition requirements for the designation of ‘own use’ contracts as FVTPL; and the scope and interaction of the draft requirements with macro hedging activities.

    • IFRS Interpretations Committee issues (IASB only)

      Jan 30, 2013

      The IASB discussed one issue recently discussed by the IFRS Interpretations Committee – a request to clarify whether an entity is required to discontinue hedge accounting in a circumstance in which the hedging instrument is novated from one counterparty to another following the introduction of new regulations.

    • Leases (IASB and FASB)

      Jan 30, 2013

      The Boards were asked to consider some questions that have been raised during the drafting process about the identification of lease components and the unit of account when applying the lease classification guidance.

    • Insurance contracts (IASB and FASB)

      Jan 30, 2013

      In this joint meeting, IASB and FASB discussed how insurers applying the building block approach should allocate insurance contract revenue between periods if there is a change in the estimates of the pattern of expected claims and how the amount of insurance contract revenue remaining to be earned in the future for contracts in force as of the transition date should be determined.

    • Revenue recognition (IASB and FASB)

      Jan 30, 2013

      The Boards were asked to consider questions raised in response to the 2011 revised exposure draft (2011 ED) related to (1) scope, (2) accounting for repurchase agreements, (3) application of the proposals to the asset management industry, (4) consequential amendments associated with the transfer of non-financial assets and (5) disclosure and transition requirements.

    • Integrated reporting (IASB only)

      Jan 31, 2013

      The Board discussed the work of the International Integrated Reporting Council (IIRC), noting the objectives, benefits, and potential danger of integrated reporting.

    • Insurance contracts (IASB only)

      Jan 31, 2013

      The January 31st paper for the IASB (Paper 2C) considered sweep issues that were raised by respondents to the ED or are unintended consequences identified as a result of the IASB’s tentative decisions.

    • Rate-regulated activities (IASB only)

      Jan 31, 2013

      The IASB staff presented their recommendations to the Board for the content of the interim standard that will permit the continuation (‘grandfathering’) of existing practice for many entities that currently recognise regulatory deferral account balances in their financial statements, in accordance with their jurisdictionally accepted accounting principles (local GAAP).