Committee work in progress
The staff summarised the submissions that have been received and will be discussed at a future meeting (refer Agenda paper 9).
The staff communicated that the first chapter of the Conceptual Framework for Financial Reporting replaced the objectives of financial statements from the old framework with the objectives of financial reporting. As a result, IAS 1 will likely require amendment. The staff has prepared proposed wording to amend IAS 1 as a part of the Annual Improvements. The Board is due to discuss the proposed amendments in two weeks time. Once the Board has discussed, the proposed amendments will be sent to the Committee for comments.