At its meeting on September 21 and 23, 2015, the IASB continued its discussions regarding the possible accounting consequences of the different effective dates of IFRS 9, Financial Instruments and the new insurance contracts Standard.

The IASB will discuss the comment period for the forthcoming ED to amend IFRS 4 at a future meeting. The IASB plans to publish the ED in late 2015.

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At its meeting on September 22, 2015, the IASB discussed the proposed amendments to IAS 7, Statement of Cash Flows as part of its Disclosure Initiative. The ED proposed to require the disclosure of a reconciliation of liabilities arising from financing activities and related changes to the IFRS Taxonomy. The IASB tentatively decided to proceed with this amendment to IAS 7 as proposed in the ED. It will continue its discussion on the other proposed amendments to IAS 7 at its October 2015 meeting.

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At its meeting on September 22, 2015, the IASB discussed an implementation question relating to the transition requirements in IFRS 15, Revenue from Contracts with Customers. That question emerged from the most recent discussions of the Transition Resource Group for Revenue Recognition in July 2015. The IASB decided not to amend the transition requirements in Appendix C of IFRS 15.

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At its meeting on September 22, 2015, the IASB decided to extend the comment period for both the Exposure Drafts Conceptual Framework for Financial Reporting and Updating References to the Conceptual Framework by 30 days. The revised deadline for comments is now November 25, 2015.

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At its meeting on September 23 and 24, 2015, the IASB continued deliberations on contracts with participation features. The IASB tentatively decided that:

• for all insurance contracts, an entity should present changes in estimates of the amount of cash flows that result from changes in market variables in the same location in the statement of comprehensive income consistently with the changes in discount rates;
• the objective of disaggregating changes in market variables between profit or loss and OCI should be modified for contracts in which there is no economic mismatch between the insurance contract and the related items (for example, the assets and the liabilities) held by the entity; and
• it should extend to contracts with participating features its previous decisions for contracts without participation features.

The IASB will continue to consider the remaining technical decisions on insurance contracts at future meetings, with a view to issuing the new Standard in 2016.

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At its meeting on September 24, 2015, the IASB discussed an analysis of the existing definitions and other related requirements in IAS 32, Financial Instruments: Presentation. It also discussed possible approaches for improvements to the existing definitions and other related requirements in IAS 32 that the staff intend to develop further as the project progresses.

No decisions were made. The IASB will continue its discussion at a future meeting.

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