At its meeting on April 19-21, 2016, the IASB discussed: (i) the effect that the feedback received in response to its Request for Views–2015 Agenda Consultation; (ii) a summary of the feedback received from investors on the consultation; (iii) the results and demographic profile of an online survey conducted as part of the consultation; (iv) a general update on the Board’s research activities; and (v) project updates. The papers did not include any staff recommendations and no decisions were made. At the May meeting, the staff will ask the Board to draw tentative conclusions on the Board’s future work plan, for discussion with the IFRS Advisory Council in June 2016.

The Board discussed an analysis of the suggestions received through the agenda consultation for new projects to be added to the Board’s agenda. The Board identified the following suggested projects for further consideration next month:

• IFRS reporting by subsidiaries
• General principles for separate financial statements
• General principles for combined financial statements
• Variable and contingent consideration for asset purchases
• Risk-sharing/collaborative arrangements
• Non-reciprocal transactions, including with governments
• Review of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance
• Digital currencies, including cryptocurrencies
• Relevance of referring to pronouncements of other standard-setting bodies in the hierarchy in IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
• Assessment of whether there is a need to withdraw IAS 26, Accounting and Reporting by Retirement Benefit Plans

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At its meeting on April 19-21, 2016, the IASB continued its deliberations on the proposals in the ED Applying IFRS 9 Financial Instruments (IFRS 9) with IFRS 4 Insurance Contracts (IFRS 4) and they tentatively decided: (i) to confirm the ED proposals on the overlay approach; (ii) that an entity should be permitted to apply the temporary exemption from IFRS 9 only under specific circumstances (qualifying criteria); and (iii) to confirm the disclosures for entities that apply the temporary exemption. The remaining technical issues will be discussed in the May meeting. The Board aims to issue the amendments to IFRS 4 in September 2016.

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At its meeting on April 19-21, 2016, the IASB discussed the results of research and outreach on business combinations under common control, in particular: (i) the methods that are applied in practice to account for these transactions, and the methods that interested parties think should be applied; and (ii) how the so-called predecessor method is applied in practice, and how interested parties think it should be applied. The papers did not include any staff recommendations and no decisions were made. The Board will discuss at future meetings the advantages and disadvantages of different alternatives for accounting for these transactions and consider which alternative(s) would provide the most useful information, and why.

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At its meeting on April 20, 2016, the IASB discussed the Materiality project and disclosures about restrictions on cash and about liquidity. At a future meeting, the staff plan to ask the Board to consider adding a project on cash restrictions or liquidity to its agenda.

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At its meeting on April 20, 2016, the IASB discussed the purpose and status of the Conceptual Framework and the strategy for redeliberations. In particular, the Board discussed specific approaches for the redeliberations of the following sections of the Conceptual Framework: (i) Measurement; (ii) Reporting financial performance; and (iii) Concepts for liabilities and equity.

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At its meeting on April 20, 2016, the IASB continued its discussion of the potential separate presentation requirements for subclasses of liabilities and of equity. They focused their discussion on the Gamma approach. The Board indicated that it would improve comparability to apply the separate presentation requirements to stand-alone and embedded derivatives that depend on the residual amount.

The Board also discussed the specific requirements for determining the amount to be attributed to classes of equity other than ordinary shares. For non-derivative equity claims other than ordinary shares (such as non-cumulative preference shares), the Board indicated that it would be useful to attribute amounts based on the existing requirements for such instruments in IAS 33, Earnings per Share. For derivative equity claims (such as warrants), the Board discussed three approaches to the attribution of profit or loss and other comprehensive income. The Board was not asked for decisions at this meeting.

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At its meeting on April 21, 2016, the IASB tentatively decided to amend the definitions of accounting policies and changes in accounting estimates in IAS 8 in order to: (i) clarify the definitions of accounting policies and of changes in accounting estimates with the objective of making them more concise and distinctive; (ii) clarify how accounting policies and estimates relate to each other; (iii) add guidance about whether changes in valuation techniques and in estimation techniques are changes in accounting estimates; and (iv) update examples of estimates provided in IAS 8. Also, the Board tentatively decided that it would not amend the requirement, in paragraph 39 of IAS 8, to disclose the nature and amount of a change in an accounting estimate.

Review the IASB Update on the IASB's Web site.