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IASB meeting — 29–31 January 2013

Start date:

End date:

Location: London

IASB (International Accounting Standards Board)

The IASB met on 29–31 January 2013 at the IASB's offices. Education sessions were held on insurance contracts, leases, revenue recognition, rate-regulation, integrated reporting and the Conceptual Framework. Substantive discussions were held on hedge accounting, insurance contracts, rate-regulation and the post-implementation review of IFRS 8. A joint session with the FASB was also held, discussing revenue recognition, insurance contacts and leases

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.

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