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IASB publishes editorial corrections

20 May 2016

The IASB has published editorial corrections to consequential amendments made by IFRS 16 'Leases'.

The editorial corrections affect the application guidance of the following standards:

  • IAS 32 Financial Instruments: Presentation
  • IAS 39 Financial Instruments: Recognition and Measurement

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

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Study into IFRS adoption and capital globalisation in Korea

20 May 2016

The Korean Accounting Standards Board (KASB) has made available another of its research reports commissioned five years after Korea adopted IFRS in 2011.

The new study investigates whether the usefulness of financial information of Korean firms has been enhanced in terms of international comparability, relevance, reliability, quality, economic substance, and accessibility following the full adoption of IFRS in Korea in 2011. It also examines whether the capital of Korean firms became more globalised, that is, whether international financing of Korean firms has increased. The study finds that due to the greater understandibility, accessibility, and comparability of the financial information provided foreign investors who had originally concentrated on large Korean firms enlarged their investment portfolios to include smaller firms since the adoption of IFRS.

Please click to access the study on the KASB website.

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May 2016 IASB meeting notes posted

19 May 2016

The IASB met at its offices in London on 17–19 May 2016. We have posted the Deloitte observer notes from all of the sessions.

Please click through for direct access to the notes:

Tuesday, 17 May 2016

Wednesday, 18 May 2016

Thursday, 19 May 2016

You can also access the preliminary and unofficial notes taken by Deloitte observers for the entire meeting.

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IFRS Foundation Annual Report 2015

19 May 2016

The IFRS Foundation (IFRSF) has published its Annual Report for 2015, titled 'Focussing on the future'.

The report for 2015 sets out the organisation's strategic priorities for 2015-2017, broken down into four strategic goals:

  • develop a single set of high quality, globally enforceable accounting standards,
  • pursue the goal of global adoption of IFRS,
  • support consistent application and implementation of IFRS, and
  • ensure continued independence, stability and accountability of the IFRS Foundation

Please click to download the report from the IASB's website.

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Agenda published for the May 2016 IFRS Foundation Trustees meeting

19 May 2016

The agenda for the public session of the upcoming meeting of the IFRS Foundation Trustees is now available. The Trustees will meet on 25 and 26 May 2016 in Jakarta.

The agenda for the public session of the meeting is summarised below. It includes feedback from an earlier (25 May), non-public DPOC meeting (the Trustees will discuss whether DPOC meetings shall be public going forward).

Thursday, 26 May 2016

IFRS Foundation Trustees meeting (11:45–12:45)

  • Report of the Chair of the IFRS Foundation Trustees
  • Report of the IASB Chair
    • Technical work overview
    • Agenda consultation
    • Engagement strategy
    • Consistency in the application of IFRS globally
  • Report of the Due Process Oversight Committee
    • Technical Activities: Key issues and update
    • Insurance contracts
    • IFRS Taxonomy
    • Proposal for the DPOC to meet in public
    • Benchmarking
    • Consultative groups: Update
    • Correspondence: Update

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

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Staff given permission to draft the final amendments regarding the application of IFRS 4 together with IFRS 9

17 May 2016

The IASB voted today in favour of the staff recommendations around (i) the requirement or option to reassess eligibility criteria for the deferral approach, (ii) the fixed expiry date and transition to IFRS 9, (iii) relief for investors in associates and joint ventures, and (iv) the applicability of the overlay approach and the deferral method for first time adopters of IFRS.

In our meeting summary, we outline the topics and recommendations discussed, which partly differ from the proposals in the ED, and offer a table explaining the option to reassess eligibility criteria for the deferral approach. The Board approved the individual staff recommendations either unanimously or with great majority.

The IASB has now published a press release stating that after having voted to reconfirm the overlay and the deferral approach in April, it has now concluded deliberations on this topic and has asked staff to draft the final amendments to IFRS 4 Insurance Contracts, which the Board expects to issue in September 2016.

One Board member intends to dissent from the publication of the amendments because she considers that information would be lost as a consequence of not implementing IFRS 9.

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EDTF disbanded

17 May 2016

The Financial Stability Board (FSB) has announced that its Enhanced Disclosure Task Force (EDTF) has completed its work.

The EDTF was formed in May 2012 at the initiative of the FSB as a consequence of the global financial crisis in a move to improve the risk disclosures made by banks. In October 2012, the EDTF published a report recommending key enhancements and identifying seven fundamental principles for enhancing risk disclosure. In three subsequent reports the EDTF measured the banks' progress against the recommendations in the report; the last one was published in December 2015. The FSB now believes that a further survey is unlikely to deliver significant increases and has therefore formally disbanded the task force.

Please click for the press release on the FSB website.

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Pre-meeting summaries for the May IASB meeting

16 May 2016

The International Accounting Standards Board (IASB) will meet at its offices in London on 17–19 May 2016. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. For each topic to be discussed we summarise the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

A main focus of the IASB's discussions this month will be the feedback to the Agenda Consultation. Check out the summaries for the 13 agenda consultation discussions as well as other discussions on insurance and IFRS 9, share-based payments, financial instruments with characteristics of equity, income taxes, conceptual framework, goodwill and impairment, and revenue. We have added them to our meeting note page and will supplement them with our popular meeting notes after the meeting.
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Summary of the April 2016 ASAF meeting now available

13 May 2016

The staff of the International Accounting Standards Board (IASB) have made available a summary of the discussions of the Accounting Standards Advisory Forum (ASAF) meeting held in London on 7–8 April 2016.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

  • 2015 Agenda Consultation (1-10): ASAF members discussed the feedback received regarding the request for views on the 2015 agenda consultation. In addition, ASAF members discussed the post-implementation review process and whether more resources should be allocated to PIRs, TRGs, and other activities.
  • Conceptual framework — strategy and measurement (11-20): ASAF members provided their views regarding the strategy of the conceptual framework project and evaluated the EFRAG’s paper on certain areas of measurement proposed in the exposure draft.
  • Rate-regulated activities (21-37): ASAF members discussed how to define performance as it relates to rate regulation and identify which activities should lead revenue recognition.
  • Inflation (38-40): ASAF members were presented a paper by the Group of Latin American Standard-Setters which addressed the effects of inflation, in particular, the requirement to pay dividends based on retained earnings in certain jurisdictions.
  • Business combinations under common control (41-45): ASAF members provided their views to the IASB staff regarding the accounting for business combinations under common control.
  • Amendments to IFRS 4 (46-52): The ASAF provided feedback on decisions made during the March 2016 Board meeting which confirmed the (1) temporary exemption, (2) optional temporary exemption for some entities, and (3) eligibility for the temporary exemption will be assess at the reporting entity level.
  • Next steps in IFRS 2 (53-65): ASAF members discussed the results of a research project on IFRS 2 which evaluated what is causing complexity in the Standard and why it has attracted many interpretation requests.
  • Project updates and agenda planning (66-72): ASAF members were updated on current IASB projects.

A full report of the meeting is available on the IASB's website.

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IASB posts seventh webinar on insurance contracts standard

13 May 2016

The IASB has posted the seventh instalment of its weekly webinar series on the upcoming insurance contracts standard.

The series, hosted by IASB member Darrel Scott, discusses the following topics related to the upcoming insurance contracts standard:

For more information as well as presentation slides, see the webinar page on the IASB’s website.

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