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Location: London
On November 30, 2015, the International Accounting Standards Board issued the Update summary of its meeting on November 18-19, 2015.
Topics addressed at this meeting included:
Review the IASB Update on the IASB's Web site.
At its November 2015 meeting, the IASB considered a report from its staff on this project. The report included: (i) an analysis of identified application issues and their causes; (ii) an analysis of the two existing measurement models in IFRS 2 for equity- and cash-settled share-based payment transactions; and (iii) various approaches for moving forward, including: a Post-implementation Review, further research on the grant date fair value measurement model, narrow-scope amendments to IFRS 2 or discontinuance of the research project. No decisions were made at the meeting.
At its November 2015 meeting, the IASB considered a report from its staff on this project. The report included: (i) an analysis of identified application issues and their causes; (ii) an analysis of the two existing measurement models in IFRS 2 for equity- and cash-settled share-based payment transactions; and (iii) various approaches for moving forward, including: a Post-implementation Review, further research on the grant date fair value measurement model, narrow-scope amendments to IFRS 2 or discontinuance of the research project. No decisions were made at the meeting.
Review the IASB Update.
At its meeting on November 18, 2015, the IASB continued its discussions on its project on insurance contracts. In particular, the IASB considered the similarities and differences between the general model and the variable fee approach and three narrow consequential issues arising from the variable fee approach. The IASB expects to consider further how to specify the effect of discretion that would be recognized in the contractual service margin under the general model at a future meeting.
At its meeting on November 18, 2015, the IASB continued its discussions on its project on insurance contracts. In particular, the IASB considered the similarities and differences between the general model and the variable fee approach and three narrow consequential issues arising from the variable fee approach. The IASB expects to consider further how to specify the effect of discretion that would be recognized in the contractual service margin under the general model at a future meeting.
Review the IASB Update.
At its meeting on November 18-19, 2015, the IASB tentatively decided that it should proceed with finalizing the proposed amendments as recommended by the Interpretations Committee, subject to some revisions as follows: to add as an example of a disclosure that may be necessary to meet the disclosure objective of IFRS 2, the disclosure of the estimated amount of cash that the entity expects to pay in connection with the withholding of the employee’s tax obligation, when a share-based payment award with net settlement features is classified as equity-settled using the proposed exception; and to make clear that the proposed exception for the classification of a share-based payment award with net settlement features does not apply to any shares withheld in excess of the tax withholding obligation. At the December 2015 meeting, the IASB will consider the due process steps that the IASB has taken to date before issuing the final amendments to IFRS 2.
At its meeting on November 18-19, 2015, the IASB tentatively decided that it should proceed with finalizing the proposed amendments as recommended by the Interpretations Committee, subject to some revisions as follows:
At the December 2015 meeting, the IASB will consider the due process steps that the IASB has taken to date before issuing the final amendments to IFRS 2.
Review the IASB Update.
At its meeting on November 18-19, 2015, the IASB discussed the staff’s analysis of the comment letters received on the Exposure Draft. Following those discussions, the IASB tentatively decided to finalize the proposals as worded in the Exposure Draft. The IASB will consider the due process undertaken on this project at the December IASB meeting. The IASB intends to issue Effective Date of Amendments to IFRS 10 and IAS 28 in December 2015.
At its meeting on November 18-19, 2015, the IASB discussed the staff’s analysis of the comment letters received on the Exposure Draft. Following those discussions, the IASB tentatively decided to finalize the proposals as worded in the Exposure Draft.
The IASB will consider the due process undertaken on this project at the December IASB meeting. The IASB intends to issue Effective Date of Amendments to IFRS 10 and IAS 28 in December 2015.
Review the IASB Update.
At its meeting on November 18-19, 2015, the IASB discussed the findings of the research undertaken so far on the measurement proposals included in the Exposure Draft (ED), Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value (Proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28 and IAS 36 and Illustrative Examples for IFRS 13). In particular, the IASB discussed the assessment of the population of entities that would be affected by the measurement proposals in the ED and the feedback received from valuation specialists, accounting firms, securities regulators, the Accounting Standards Advisory Forum and staff of the Financial Accounting Standards Board. No decisions were made. The IASB will continue its discussion on the topic at future meetings.
At its meeting on November 18-19, 2015, the IASB discussed the findings of the research undertaken so far on the measurement proposals included in the Exposure Draft (ED), Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value (Proposed amendments to IFRS 10, IFRS 12, IAS 27, IAS 28 and IAS 36 and Illustrative Examples for IFRS 13). In particular, the IASB discussed the assessment of the population of entities that would be affected by the measurement proposals in the ED and the feedback received from valuation specialists, accounting firms, securities regulators, the Accounting Standards Advisory Forum and staff of the Financial Accounting Standards Board. No decisions were made. The IASB will continue its discussion on the topic at future meetings.
Review the IASB Update.
At its November 2015 meeting, the IASB received an update on its research project on post-employment benefits. The project update included: (i) information about global trends in pensions; (ii) an indication of potential models that might address the issue of hybrid plans; and (c) information about the potential impact of the IASB’s 2015 Agenda Consultation and other IASB projects (for example, the Conceptual Framework project and the Insurance project). No decisions were made.
At its November 2015 meeting, the IASB received an update on its research project on post-employment benefits. The project update included: (i) information about global trends in pensions; (ii) an indication of potential models that might address the issue of hybrid plans; and (c) information about the potential impact of the IASB’s 2015 Agenda Consultation and other IASB projects (for example, the Conceptual Framework project and the Insurance project). No decisions were made.
Review the IASB Update.