At its meeting on December 15-16, 2015, the IASB continued its the discussions on the Exposure Draft. In particular, the IASB: (i) considered the feedback received to date on its ED; (ii) discussed the following topics related to the ED: (a) identifying performance obligations; (b) licensing; (c) practical expedients on transition; and (d) other topics for which the IASB decided not to propose any amendments to IFRS 15; (iii) considered an issue relating to the application of requirements in IFRS 15 to constrain estimates of variable consideration.

In addition, the IASB and the FASB (the Boards) met on December 16, 2015 to re-deliberate amendments proposed to clarify the principal versus agent guidance in IFRS 15 and Topic 606, in the light of the feedback received on their respective Exposure Drafts.

At its meeting on December 15-16, 2015, the IASB continued its discussions of the proposed amendments to IFRS 3 and IFRS 11 and tentatively decided that: (i) the proposed amendments should be applied to transactions occurring on or after the effective date with early application permitted. (ii) The comment period for the ED should be 120 days.  In addition, the IASB reviewed the due process steps that it has taken in developing the proposed amendments. All of the IASB members confirmed that they are satisfied that the IASB has completed all of the necessary due process steps on the project to date and therefore instructed the staff to commence the balloting process for the ED of the proposed amendments. No IASB members indicated an intention to dissent.

Review the IASB Update.

At its meeting on December 15-16, 2015, the IASB considered the IFRS Interpretations Committee's comments on the IASB's proposed amendments to IFRS 3. The IASB tentatively decided to: (i) retain the "substantially all" threshold and ask constituents whether they think that this practical approach is useful; (ii) clarify, in the illustrative examples of the proposed amendments that a building acquired and an in-place operating lease shall be considered a single asset for the evaluation of the 'substantially all' threshold; (iii) clarify, in the proposed amendments to the application guidance of IFRS 3 that the acquired outsourcing agreements may be considered to provide an organized workforce and that the acquirer should consider whether the acquired outsourcing agreements perform a substantive process; (iv) explain, in the Basis for Conclusions of the proposed amendments that where an entity acquires a supplier that then ceases generating revenues, because all output is consumed by the acquirer, the supplier would still be 'capable of' generating revenues, and so it might qualify as a business, if the other criteria are met; and (v) add two illustrative examples on how to apply the proposed guidance in the financial sector and in the extractive industries sector.

The IASB expects to issue its Exposure Draft in Q2/2016 and tentatively decided that the comment period for the Exposure Draft should be 120 days.

In addition, the IASB reviewed the due process steps that it has taken in developing the proposed amendments. All of the IASB members confirmed that they are satisfied that the IASB has completed all of the necessary due process steps on the project to date and therefore instructed the staff to commence the balloting process for the Exposure Draft of the proposed amendments. No IASB members indicated an intention to dissent.

Review the IASB Update.

At its meeting on December 15-16, 2015, the IASB discussed its project to review disclosures at a standards-level with a specific focus on: (i) the scope, approach and timing of the initial phase of the project; (ii) the content, form and due process of a Drafting Guide for the IASB's internal use; and (iii) the various options the IASB could consider as the next steps, after the initial phase is complete. The IASB noted that the initial phase does not involve a comprehensive review of existing disclosure requirements. No decisions were made.

Review the IASB Update.

At its meeting on December 15-16, 2015, the IASB reviewed the due process steps that it has taken in developing these narrow-scope amendments to IFRS 2. The members of the IASB confirmed that they are satisfied that the IASB has completed the necessary due process steps on the project to date and therefore instructed the staff to commence balloting process for the amendments. No IASB members indicated that they intend to dissent from the publication of the final amendments to IFRS 2. In addition, the IASB tentatively decided that the effective date of the amendments should be January 1, 2018 and that earlier application should be permitted. The IASB plans to issue the final amendments to IFRS 2 in Q1 of 2016.

At its meeting on December 15-16, 2015, the IASB considered a summary of feedback to its ED. No decisions were made. In response to requests by IASB members, the staff expect to discuss at a future meeting analysis that: (i) tests the proposals against a number of specific transaction types raised in the comment letters; and (ii) examines the guidance with respect to the transfer of equity as a means of settlement by using specific examples raised in the consultation.

Review the IASB Update.

At its meeting on December 15-16, 2015, the IASB discussed a sweep issue arising from the balloting process for the Amendments to IAS 7. The IASB tentatively decided that information disclosed to meet the disclosure objective should be clearly distinguished from other information that an entity chooses to disclose.

Review the IASB Update.

At its meeting on December 15-16, 2015, the members of the IASB confirmed that they are satisfied that the IASB has completed the necessary due process steps on the project to date and therefore instructed the staff to commence the balloting process for the amendment. No members of the IASB intend to dissent from publication of the amendment. The IASB intends to issue the final amendments on December 17, 2015.

Review the IASB Update.