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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