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Location: London
On March 30, 2015, the International Accounting Standards Board (IASB) released the March 2015 IASB Update.
The following topics were discussed:
Read the IASB Update on the IASB's Web site.
At its meeting on March 17-19, 2015, the IASB met and discussed the Principles of Disclosure project. The IASB tentatively decided that a general disclosure standard (such as IAS 1, Presentation of Financial Statements, or a replacement standard) should: (i) specify that the statements of financial position, profit or loss and other comprehensive income, changes in equity and cash flows are collectively the ‘primary financial statements’; (ii) always specify the intended location as either ‘in the primary financial statements’ or ‘in the notes’ when using the terms "present" or "disclose"; and (iii) include a description of the role of primary financial statements and the implications of a particular statement forming part of the primary financial statements.
At its meeting on March 17-19, 2015, the IASB met and discussed the Principles of Disclosure project. The IASB tentatively decided that a general disclosure standard (such as IAS 1, Presentation of Financial Statements, or a replacement standard) should: (i) specify that the statements of financial position, profit or loss and other comprehensive income, changes in equity and cash flows are collectively the ‘primary financial statements’; (ii) always specify the intended location as either ‘in the primary financial statements’ or ‘in the notes’ when using the terms "present" or "disclose"; and (iii) include a description of the role of primary financial statements and the implications of a particular statement forming part of the primary financial statements.
Read the IASB Update on the IASB's Web site.
At its meeting on March 17-19, 2015, the IASB discussed summaries of the comments received in response to the ED. No decisions were made.
At its meeting on March 17-19, 2015, the IASB discussed summaries of the comments received in response to the ED. No decisions were made.
Read the IASB Update on the IASB's Web site.
At its joint meeting with the FASB on March 17-19, 2015, the IASB discussed issues emerging from recent meetings of the TRG. The discussions covered the following implementation issues (i) practical expedients upon transition relating to contract modifications and completed contracts; (ii) sales tax presentation: gross versus net; (iii) non-cash consideration; (iv) collectability considerations; and (v) principal versus agent considerations. The IASB and FASB reached different tentative conclusions on certain of these issues. The IASB decided to incorporate its tentative decisions with respect to contract modifications and completed contracts into an ED of proposed clarifications to IFRS 15.
At its joint meeting with the FASB on March 17-19, 2015, the IASB discussed issues emerging from recent meetings of the TRG. The discussions covered the following implementation issues:
The IASB and FASB reached different tentative conclusions on certain of these issues. The IASB decided to incorporate its tentative decisions with respect to contract modifications and completed contracts into an ED of proposed clarifications to IFRS 15.
Read the IASB Update on the IASB's Web site.
At its meeting on March 17-19, 2015, the IASB met and discussed its Materiality project. The IASB considered, and expressed broad support for the direction and content of the proposed Practice Statement on the application of materiality. No decisions were made.
At its meeting on March 17-19, 2015, the IASB met and discussed its Materiality project. The IASB considered, and expressed broad support for the direction and content of the proposed Practice Statement on the application of materiality. No decisions were made.
Read the IASB Update on the IASB's Web site.
At its meeting on March 17-19, 2015, the IASB met and discussed the Principles of Disclosure and Materiality subprojects. Re Principles of Disclosure, the IASB tentatively decided that a general disclosure standard (such as IAS 1, Presentation of Financial Statements, or a replacement standard) should: (i) specify that the statements of financial position, profit or loss and other comprehensive income, changes in equity and cash flows are collectively the ‘primary financial statements’; (ii) always specify the intended location as either ‘in the primary financial statements’ or ‘in the notes’ when using the terms "present" or "disclose"; and (iii) include a description of the role of primary financial statements and the implications of a particular statement forming part of the primary financial statements. Re Materiality, the IASB considered, and expressed broad support for the direction and content of the proposed Practice Statement on the application of materiality. No decisions were made.
At its meeting on March 17-19, 2015, the IASB met and discussed the Principles of Disclosure and Materiality subprojects. Re Principles of Disclosure, the IASB tentatively decided that a general disclosure standard (such as IAS 1, Presentation of Financial Statements, or a replacement standard) should: (i) specify that the statements of financial position, profit or loss and other comprehensive income, changes in equity and cash flows are collectively the ‘primary financial statements’; (ii) always specify the intended location as either ‘in the primary financial statements’ or ‘in the notes’ when using the terms "present" or "disclose"; and (iii) include a description of the role of primary financial statements and the implications of a particular statement forming part of the primary financial statements. Re Materiality, the IASB considered, and expressed broad support for the direction and content of the proposed Practice Statement on the application of materiality. No decisions were made.
Read the IASB Update on the IASB's Web site.
At its meeting on March 17-19, 2015, the IASB continued its discussion of the summaries of the comments received in response to the DP. No decisions were made.
At its meeting on March 17-19, 2015, the IASB continued its discussion of the summaries of the comments received in response to the DP. No decisions were made.
Read the IASB Update on the IASB's Web site.
Most recently, at its meeting on March 17-19, 2015, the IASB continued its redeliberations on the proposals in the 2013 ED, specifically discussing: (i) disclosures on transition (a sweep issue); and (ii) due process, re-exposure and permission to ballot. 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. The staff will start the balloting process for the new Leases standard and the IASB will discuss the effective date and any sweep issues that arise at a future Board meeting.
Most recently, at its meeting on March 17-19, 2015, the IASB continued its redeliberations on the proposals in the 2013 ED, specifically discussing: (i) disclosures on transition (a sweep issue); and (ii) due process, re-exposure and permission to ballot. 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. The staff will start the balloting process for the new Leases standard and the IASB will discuss the effective date and any sweep issues that arise at a future Board meeting.
Read the IASB Update on the IASB's Web site.