Start date:
End date:
Location: London
On May 7, 2015, the International Accounting Standards Board issued the Update summary of its meeting on April 27-29, 2015.
Topics addressed at this meeting included:
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB met and discussed its Principles of Disclosure projects. The IASB tentatively decided that the Principles of Disclosure Discussion Paper should include proposed amendments to the materiality and aggregation section of IAS 1, Presentation of Financial Statements. Those amendments would provide additional guidance on: (i) when an item should be separately presented in a primary financial statement or in the notes; and (ii) how much detail should be disclosed in the notes with regard to a specific disclosure requirement. The IASB also tentatively decided that a general disclosure standard (such as IAS 1 or a replacement Standard) should include: (i) a description of the role of the notes; and (ii) a central set of disclosure objectives built on the objective of Financial Statements and the role of the notes. The IASB will continue its discussion of issues related to the Principles of Disclosure project at its May meeting.
At its meeting on April 27-29, 2015, the IASB met and discussed its Principles of Disclosure projects. The IASB tentatively decided that the Principles of Disclosure Discussion Paper should include proposed amendments to the materiality and aggregation section of IAS 1, Presentation of Financial Statements. Those amendments would provide additional guidance on: (i) when an item should be separately presented in a primary financial statement or in the notes; and (ii) how much detail should be disclosed in the notes with regard to a specific disclosure requirement. The IASB also tentatively decided that a general disclosure standard (such as IAS 1 or a replacement Standard) should include: (i) a description of the role of the notes; and (ii) a central set of disclosure objectives built on the objective of Financial Statements and the role of the notes. The IASB will continue its discussion of issues related to the Principles of Disclosure project at its May meeting.
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB reviewed the due process steps relating to the development and publication of the draft IFRIC Interpretation, confirmed that they are satisfied that the IASB has undertaken sufficient due process steps and therefore instructed the staff to start the balloting process.
At its meeting on April 27-29, 2015, the IASB reviewed the due process steps relating to the development and publication of the draft IFRIC Interpretation, confirmed that they are satisfied that the IASB has undertaken sufficient due process steps and therefore instructed the staff to start the balloting process.
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB discussed the example proposed in the ED that illustrates the application of paragraph 48 of IFRS 13 and decided that it appropriately illustrates the application of paragraph 48 of IFRS 13. Noting that the illustrative example is non-authoritative, the IASB concluded that it was unnecessary to publish it as a separate document. The IASB will continue its discussions on the remaining aspects of the project in future meetings.
At its meeting on April 27-29, 2015, the IASB discussed the example proposed in the ED that illustrates the application of paragraph 48 of IFRS 13 and decided that it appropriately illustrates the application of paragraph 48 of IFRS 13. Noting that the illustrative example is non-authoritative, the IASB concluded that it was unnecessary to publish it as a separate document. The IASB will continue its discussions on the remaining aspects of the project in future meetings.
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB discussed the recommendations from the IFRIC for a narrow scope amendment of paragraph 57 of IAS 40. The IASB tentatively agreed to amend paragraph 57 to reinforce the principle for transfers into, or out of, investment property in IAS 40 to specify that: (i) a transfer into, or out of investment property should be made only when there has been a change in use of the property; and (ii) such a change in use would involve an assessment of whether the property qualifies as an investment property. That change in use should be supported by evidence. As recommended by the IFRIC, the IASB tentatively decided that the list of circumstances set out in paragraph 57(a)–(d) should be re-presented as examples of evidence that a change in use has occurred, rather than as an exhaustive list.
At its meeting on April 27-29, 2015, the IASB discussed the recommendations from the IFRIC for a narrow scope amendment of paragraph 57 of IAS 40. The IASB tentatively agreed to amend paragraph 57 to reinforce the principle for transfers into, or out of, investment property in IAS 40 to specify that: (i) a transfer into, or out of investment property should be made only when there has been a change in use of the property; and (ii) such a change in use would involve an assessment of whether the property qualifies as an investment property. That change in use should be supported by evidence. As recommended by the IFRIC, the IASB tentatively decided that the list of circumstances set out in paragraph 57(a)–(d) should be re-presented as examples of evidence that a change in use has occurred, rather than as an exhaustive list.
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB confirmed it would proceed with publishing an ED arising from the Annual Improvements to IFRSs 2014–2016 Cycle, which would include the following two proposed amendments: (i) IFRS 1, First-time Adoption of International Financial Reporting Standards: short-term exemptions for first-time adopters. This amendment was tentatively approved by the IASB in December 2013; and (ii) IAS 28, Investments in Associates and Joint Ventures: clarification that measuring investees at fair value through profit or loss is an investment- by- investment choice. This amendment was tentatively approved by the IASB in January 2015.
At its meeting on April 27-29, 2015, the IASB confirmed it would proceed with publishing an ED arising from the Annual Improvements to IFRSs 2014–2016 Cycle, which would include the following two proposed amendments: (i) IFRS 1, First-time Adoption of International Financial Reporting Standards: short-term exemptions for first-time adopters. This amendment was tentatively approved by the IASB in December 2013; and (ii) IAS 28, Investments in Associates and Joint Ventures: clarification that measuring investees at fair value through profit or loss is an investment- by- investment choice. This amendment was tentatively approved by the IASB in January 2015.
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB discussed collectability considerations and tentatively decided not to make any clarifications or amendments to IFRS 15 in the light of the issues regarding collectability highlighted during the TRG discussions in January 2015.
At its meeting on April 27-29, 2015, the IASB discussed collectability considerations and tentatively decided not to make any clarifications or amendments to IFRS 15 in the light of the issues regarding collectability highlighted during the TRG discussions in January 2015.
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB met and discussed its Materiality project. The members of the IASB confirmed that they are satisfied that the IASB has completed all of the necessary due process steps to date. The IASB therefore instructed the staff to commence the balloting process for the ED. The IASB also tentatively decided that a general disclosure Standard (such as IAS 1, Presentation of Financial Statements or a replacement Standard) should include proposed amendments to the definition of materiality and clarifying paragraphs on the key characteristics of materiality.
At its meeting on April 27-29, 2015, the IASB met and discussed its Materiality project. The members of the IASB confirmed that they are satisfied that the IASB has completed all of the necessary due process steps to date. The IASB therefore instructed the staff to commence the balloting process for the ED. The IASB also tentatively decided that a general disclosure Standard (such as IAS 1, Presentation of Financial Statements or a replacement Standard) should include proposed amendments to the definition of materiality and clarifying paragraphs on the key characteristics of materiality.
Review the IASB Update.
At its meeting on April 27-29, 2015, the IASB met and discussed its Principles of Disclosure and Materiality projects. Re Materiality, the members of the IASB confirmed that they are satisfied that the IASB has completed all of the necessary due process steps to date. The IASB therefore instructed the staff to commence the balloting process for the ED. The IASB also tentatively decided that a general disclosure Standard (such as IAS 1, Presentation of Financial Statements or a replacement Standard) should include proposed amendments to the definition of materiality and clarifying paragraphs on the key characteristics of materiality. Re Principles of Disclosure, the IASB tentatively decided that the Principles of Disclosure Discussion Paper should include proposed amendments to the materiality and aggregation section of IAS 1, Presentation of Financial Statements. Those amendments would provide additional guidance on: (i) when an item should be separately presented in a primary financial statement or in the notes; and (ii) how much detail should be disclosed in the notes with regard to a specific disclosure requirement. The IASB also tentatively decided that a general disclosure standard (such as IAS 1 or a replacement Standard) should include: (i) a description of the role of the notes; and (ii) a central set of disclosure objectives built on the objective of Financial Statements and the role of the notes. The IASB will continue its discussion of issues related to the Principles of Disclosure project at its May meeting.
At its meeting on April 27-29, 2015, the IASB met and discussed its Principles of Disclosure and Materiality projects. Re Materiality, the members of the IASB confirmed that they are satisfied that the IASB has completed all of the necessary due process steps to date. The IASB therefore instructed the staff to commence the balloting process for the ED. The IASB also tentatively decided that a general disclosure Standard (such as IAS 1, Presentation of Financial Statements or a replacement Standard) should include proposed amendments to the definition of materiality and clarifying paragraphs on the key characteristics of materiality. Re Principles of Disclosure, the IASB tentatively decided that the Principles of Disclosure Discussion Paper should include proposed amendments to the materiality and aggregation section of IAS 1, Presentation of Financial Statements. Those amendments would provide additional guidance on: (i) when an item should be separately presented in a primary financial statement or in the notes; and (ii) how much detail should be disclosed in the notes with regard to a specific disclosure requirement. The IASB also tentatively decided that a general disclosure standard (such as IAS 1 or a replacement Standard) should include: (i) a description of the role of the notes; and (ii) a central set of disclosure objectives built on the objective of Financial Statements and the role of the notes. The IASB will continue its discussion of issues related to the Principles of Disclosure project at its May meeting.
Review the IASB Update.