IASB Update - June 22-25, 2015
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Location: London
On July 2, 2015, the International Accounting Standards Board issued the Update summary of its meeting on June 22-25, 2015.
The following topics were discussed:
Start date:
End date:
Location: London
On July 2, 2015, the International Accounting Standards Board issued the Update summary of its meeting on June 22-25, 2015.
The following topics were discussed:
At its meeting held on June 23, 2015, the IASB discussed the features of a claim against an entity, including which features of claims against the entity are currently used to distinguish between classes of claims in the Conceptual Framework, IAS 32 Financial Instruments: Presentation, and other relevant IFRS. No tentative decisions were made.
At its meeting held on June 23, 2015, the IASB discussed the features of a claim against an entity, including which features of claims against the entity are currently used to distinguish between classes of claims in the Conceptual Framework, IAS 32 Financial Instruments: Presentation, and other relevant IFRS. No tentative decisions were made.
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At its meeting on June 23, 2015, the IASB reviewed the due process steps that had been taken to date in preparation for the publication of its Exposure Draft, and instructed the staff to commence the balloting process. The Exposure Draft will include seven proposed amendments that the IASB had tentatively approved at its May 2015 meeting
At its meeting on June 23, 2015, the IASB reviewed the due process steps that had been taken to date in preparation for the publication of its Exposure Draft, and instructed the staff to commence the balloting process. The Exposure Draft will include seven proposed amendments that the IASB had tentatively approved at its May 2015 meeting.
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At its meeting on June 23, 2015, the IASB was presented with a summary and an analysis of the 68 comment letters received on the Exposure Draft as well as the recommendations from the IFRIC. The IASB decided that it should proceed with finalizing the proposed amendments, subject to certain revisions to the proposed wording
At its meeting on June 23, 2015, the IASB was presented with a summary and an analysis of the 68 comment letters received on the Exposure Draft as well as the recommendations from the IFRIC. The IASB decided that it should proceed with finalizing the proposed amendments, subject to certain revisions to the proposed wording.
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The IASB held an education session on June 23, 2015 to consider a) the hedging of risks related to insurance activities, b) three issues relating to insurers’ application of IFRS 9 Financial Instruments prior to the effective date of the new IFRS on insurance contracts, and c) the complexities that would arise if the IASB were to defer the effective date of IFRS 9 for the insurance industry until the effective date of the forthcoming insurance contracts Standard.. At its meeting held on June 25, 2015, the IASB continued its discussions on the accounting for insurance contracts with participation features. Specifically, the IASB took decisions on a) the variable fee approach for direct participation contracts; and b) the recognition of the contractual service margin (CSM) in profit or loss for contracts with participation features
The IASB held an education session on June 23, 2015 to consider a) the hedging of risks related to insurance activities, b) three issues relating to insurers’ application of IFRS 9 Financial Instruments prior to the effective date of the new IFRS on insurance contracts, and c) the complexities that would arise if the IASB were to defer the effective date of IFRS 9 for the insurance industry until the effective date of the forthcoming insurance contracts Standard.. At its meeting held on June 25, 2015, the IASB continued its discussions on the accounting for insurance contracts with participation features. Specifically, the IASB took decisions on a) the variable fee approach for direct participation contracts; and b) the recognition of the contractual service margin (CSM) in profit or loss for contracts with participation features.
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At its meeting on June 23, 2015, the IASB considered proposals for a draft IFRIC Interpretation—Foreign Currency Transactions and Advance Consideration, which has been developed by the Interpretations Committee. The draft Interpretation proposes guidance on how to determine the date of the transaction for the purposes of IAS 21, The Effects of Changes in Foreign Exchange Rates when an entity recognizes a non-monetary prepayment asset or non-monetary deferred income liability before it recognizes the related asset, expense or income (or part of it). The IASB expects to issue the draft Interpretation in Q3 2015.
At its meeting on June 23, 2015, the IASB considered proposals for a draft IFRIC Interpretation—Foreign Currency Transactions and Advance Consideration, which has been developed by the Interpretations Committee. The draft Interpretation proposes guidance on how to determine the date of the transaction for the purposes of IAS 21, The Effects of Changes in Foreign Exchange Rates when an entity recognizes a non-monetary prepayment asset or non-monetary deferred income liability before it recognizes the related asset, expense or income (or part of it). The IASB expects to issue the draft Interpretation in Q3 2015.
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At its meeting on June 24, 2015, the IASB discussed issues related to a) its Exposure Draft in respect of the Proposed Amendments to IAS 7; and b) the project in respect of the planned Principles of Disclosure Discussion Paper.
At its meeting on June 24, 2015, the IASB discussed issues related to a) its Exposure Draft in respect of the Proposed Amendments to IAS 7; and b) the project in respect of the planned Principles of Disclosure Discussion Paper.
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At its meeting on June 24, 2015, the IASB was provided with an overview of the Principles of Disclosure project, summarizing the tentative decisions the IASB had made on the form and content of the planned Discussion Paper. In addition, the IASB a) tentatively decided to retain the existing requirement to restate all comparative information within IAS 8, when an entity makes a change in accounting policy upon initial application of an IFRS; b) tentatively decided that a general disclosure Standard (IAS 1 or equivalent) should not include any additional guidance on the concept of comparability; c) observed that the use of the term 'alternative performance measures' is confusing and that the discussion in the Discussion Paper should instead focus on describing how performance measures can more generally be fairly presented in financial statements; and d) decided that the Discussion Paper should discuss guidance on non-recurring, unusual and infrequent items.
At its meeting on June 24, 2015, the IASB was provided with an overview of the Principles of Disclosure project, summarizing the tentative decisions the IASB had made on the form and content of the planned Discussion Paper. In addition, the IASB a) tentatively decided to retain the existing requirement to restate all comparative information within IAS 8, when an entity makes a change in accounting policy upon initial application of an IFRS; b) tentatively decided that a general disclosure Standard (IAS 1 or equivalent) should not include any additional guidance on the concept of comparability; c) observed that the use of the term 'alternative performance measures' is confusing and that the discussion in the Discussion Paper should instead focus on describing how performance measures can more generally be fairly presented in financial statements; and d) decided that the Discussion Paper should discuss guidance on non-recurring, unusual and infrequent items.
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At its meeting on June 24, 2015, the IASB discussed a summary of the overall feedback received in response to its Exposure Draft and directed the staff to provide further analysis of certain items. No decisions were made at this meeting.
At its meeting on June 24, 2015, the IASB discussed a summary of the overall feedback received in response to its Exposure Draft and directed the staff to provide further analysis of certain items. No decisions were made at this meeting.
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At its meeting held on June 25, 2015, the IASB discussed possible accounting approaches that could be developed for one particular type of pollutant pricing mechanism; namely a cap-and-trade type of emissions trading scheme. Other types of pollutant pricing mechanisms will be considered at a later stage in the project. IASB members also provided the staff with views on how to progress the project. No decisions were made
At its meeting held on June 25, 2015, the IASB discussed possible accounting approaches that could be developed for one particular type of pollutant pricing mechanism; namely a cap-and-trade type of emissions trading scheme. Other types of pollutant pricing mechanisms will be considered at a later stage in the project. IASB members also provided the staff with views on how to progress the project. No decisions were made.
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At its meeting on June 25, 2015, the IASB confirmed its May 2015 tentative decisions relating to clarifications to the Application Guidance and Illustrative Examples in respect of principal versus agent considerations. The IASB also tentatively decided to propose further amendments with respect to that guidance. The FASB also tentatively decided to propose some amendments to clarify the principal versus agent considerations guidance in Topic 606. As a result, the IASB and the FASB have tentatively agreed to similar amendments for IFRS 15 and Topic 606, respectively. The IASB also: a) tentatively decided to require entities to apply the proposed amendments to IFRS 15 retrospectively; b) decided that the Exposure Draft should have a comment period of 90 days; c) confirmed that all of the necessary due process steps on the project to date have been completed. The IASB expects to issue the Exposure Draft for comment in July 2015, following the balloting process
At its meeting on June 25, 2015, the IASB confirmed its May 2015 tentative decisions relating to clarifications to the Application Guidance and Illustrative Examples in respect of principal versus agent considerations. The IASB also tentatively decided to propose further amendments with respect to that guidance. The FASB also tentatively decided to propose some amendments to clarify the principal versus agent considerations guidance in Topic 606. As a result, the IASB and the FASB have tentatively agreed to similar amendments for IFRS 15 and Topic 606, respectively.
The IASB also: a) tentatively decided to require entities to apply the proposed amendments to IFRS 15 retrospectively; b) decided that the Exposure Draft should have a comment period of 90 days; c) confirmed that all of the necessary due process steps on the project to date have been completed. The IASB expects to issue the Exposure Draft for comment in July 2015, following the balloting process.
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