At its meeting on May 17-19, 2016, the IASB received an update on feedback in respect of this project obtained since November 2015. That feedback was obtained during meetings with the Global Preparers Forum and Accounting Standards Advisory Form and in the responses to the Agenda Consultation 2015. The Board decided: (i) not to perform any further research on this topic; (ii) that there is no need to seek feedback from stakeholders on that decision or on the staff's findings; and (iii) that there is no need to publish a formal research paper or discussion paper summarizing the research performed in this project. The staff will consider how best to make the work performed visible and retrievable. All of the Board members agreed with these decisions.

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At its meeting on May 17-19, 2016, the IASB reviewed the draft work plan strategy and generally agreed with this draft subject to a number of amendments. The Board considered the components of the draft work plan project-by-project and agreed with the staff's recommendation that there should be no changes to the topics included on the standards-level work plan. In addition, the Board reviewed the research section of the draft work plan and requested a number of amendments.  Of note, The Board tentatively decided to confirm the proposal that the interval between the completion of one agenda consultation and the commencement of the next should be extended from three to, at the latest, five years after completion of the previous agenda consultation. The Board's work plan strategy and revised draft work plan will be discussed at the June 2016 meeting of the IFRS Advisory Council. The staff will include advice received at the Advisory Council meeting in a revised draft work plan for discussion by the Board at its July 2016 meeting.

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At its meeting on May 17-19, 2016, the IASB discussed whether any amendments are needed to Chapters 1and 2 of the Exposure Draft in response to feedback received.  Tentative decisions were made with respect to: (i) Introduction; (ii) Stewardship; (iii) Prudence; and (iv) Measurement uncertainty.

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At its meeting on May 17-19, 2016, the IASB met to complete its planned redeliberations on the proposals in the Exposure Draft including the (i) reassessment of eligibility for the temporary exemption from applying IFRS 9; (ii) fixed expiry dates and other aspects of the temporary exemption and the overlay approach; (iii) relief for investors in associates and joint ventures; (iv) disclosures; (v) first-time adopters of IFRS Standards—applicability of the overlay approach and the temporary exemption. All of the Board members confirmed that they are satisfied that the Board has completed all the necessary due process steps on the project to date and instructed the staff to commence the drafting process for the amendments. One Board member indicated that they intend to dissent from the issuance of the amendments to IFRS 4. The Board aims to issue the amendments to IFRS 4 in September 2016.

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At its meeting on May 17-19, 2016, the IASB continued its discussion of potential requirements for the attribution of profit or loss and other comprehensive income for derivatives if they are classified as equity (such as warrants). Four possible approaches were discussed. The Board also identified a number of issues to be discussed at a future meeting.

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