At its meeting on July 18-19, 2016, the IASB considered an analysis of comments on the Exposure Draft and tentatively decided to finalize these three amendments to the IFRSs. In addition, the Board tentatively decided that the effective date of the amendments to IFRS 1 and IAS 28 should be January 1, 2018, with earlier adoption permitted. The Board also tentatively decided that the effective date of the amendments to IFRS 12 should be January 1, 2017. All of the Board members confirmed they are satisfied that the Board has completed the necessary due process for the project. Therefore the Board instructed the staff to begin the balloting process for issuing the Annual Improvements to IFRS Standards 2014–2016 Cycle. No Board members indicated they would dissent from the decision to issue the amendments. The Board expects to issue the Annual Improvements to IFRS Standards 2014–2016 Cycle in the fourth quarter of 2016.

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At its meeting on July 18-19, 2016, the IASB considered a narrow-scope sweep issue relating to quantitative disclosures applicable for entities applying the temporary exemption from IFRS 9. The staff will reflect the Board’s decision in the next draft of the amendments. The Board expects to issue the final amendments to IFRS 4 in September 2016.

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At its meeting on July 18-19, 2016, the IASB considered an analysis of comments on the Exposure Draft and tentatively decided to proceed with finalizing the proposed amendments to IAS 40, subject a number of revisions. All of the Board members confirmed they are satisfied that the Board has completed the necessary due process for the project. Therefore, the Board instructed the staff to begin the balloting process for issuing these amendments to IAS 40. No Board members indicated they would dissent from the decision to issue these narrow-scope amendments. The Board also tentatively decided that the effective date of the amendments to IAS 40 should be January 1, 2018, with earlier application permitted. The Board expects to issue the proposed amendments to IAS 40 in the fourth quarter of 2016.

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At its meeting on July 18-19, 2016, the IASB continued its discussion of potential approaches to classifying derivatives on ‘own equity’, including tentatively deciding that entities should: (a) not classify all derivatives as assets or liabilities; and (b) classify derivatives on ‘own equity’ in their entirety rather than splitting them into components. The Board focused its discussion on the Gamma approach. The Board was also provided with a summary of discussions to date for information only. The Board has identified a number of issues for discussion at a future meeting.

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At its meeting on July 18-19, 2016, the IASB confirmed its tentative decision, made originally in May 2016, that the focus of its activities should now move from transaction-specific standards-level projects to reflect a greater emphasis on: (a) supporting the implementation of IFRS Standards and their consistent application; (b) standard-setting that enhances consistency between individual Standards and the Conceptual Framework, and builds on the revised Conceptual Framework; (c) promoting better communication in financial reporting; and (d) keeping the research program realistic and achievable.  The Board also confirmed its tentative decision, made originally at its May 2016 meeting, not to include in its work plan and research pipeline any of the areas identified on pages 8–10 of the Report and Feedback Statement Post-implementation Review of IFRS 3 Business Combinations, other than work on its projects relating to Goodwill and Impairment and the Definition of a Business. On the basis of the above decisions, all members of the Board present approved the IASB Work Plan dated July 20, 2016. At its September 2016 meeting, the Board will discuss draft material for inclusion in a Feedback Statement on the 2015 Agenda Consultation. The Board expects to approve the Feedback Statement in October 2016, following consideration by the Trustees of the IFRS Foundation.

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At its meeting on July 18-19, 2016, the IASB tentatively decided to include in the Annual Improvements to IFRS Standards 2015–2017 Cycle (i) the amendments to IAS 12 Income Taxes and (ii) the amendments to IAS 23 Borrowing Costs. The Board tentatively decided that the comment period on the Exposure Draft should be no less than 90 days. All of the Board members confirmed they are satisfied that the Board has completed the necessary due process for the Exposure Draft in respect of this project and no Board members indicated they would dissent from the publication of the Exposure Draft. The Board expects that the Exposure Draft will be ready for publication in the fourth quarter of 2016.

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At its meeting on July 18-19, 2016, the IASB continued its discussion of its Conceptual Framework project. In particular, the Board discussed aspects of the definitions of an asset, a liability and an economic resource and some of the concepts supporting those definitions. Further, it discussed recognition and factors to consider when selecting a measurement basis as well as the description of current cost.  The Board plans to discuss further issues related to this project at its meeting in September 2016.

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