At its meeting on February 22, 2017, the IASB discussed the findings from a recent external editorial review of a draft of IFRS 17, Insurance Contracts and sweep issues. The Board discussed and tentatively made decisions on the following: (i) changes to the contractual service margin; (ii) narrow exemption for the grouping of regulatory-affected pricing of insurance contracts; and (iii) responding to the external editorial review. The Board members did not raise any other topics for consideration at a future meeting.

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At its meeting on February 22, 2017, the IASB discussed the forthcoming Exposure Draft and tentatively decided to allow 30 days for comments on the amendment to IFRS 9. The Board expects to publish the Exposure Draft of the proposed amendment to IFRS 9.

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At its meeting on February 22, 2017, the IASB discussed: (i) the scope of contractual rights and obligations an entity should consider when applying the Gamma approach to a financial instrument; and (ii) application guidance and illustrative examples that will help clarify how its decisions on the Gamma approach would apply to accounting within equity.

At a future meeting, the Board will discuss application of the Gamma approach to the classification of derivatives on non-controlling interests with an exercise price denominated in a foreign currency; and a summary of interactions with other IFRS Standards, IFRIC Interpretations and the Conceptual Framework in Financial Reporting.

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At its meeting on February 22, 2017, the IASB decided: (i) that the response period for the RFI on the PIR of IFRS 13 would be 120 days at a minimum. All 12 Board members agreed; and (ii) that they are satisfied that all required due process steps have been completed for the first phase of the PIR of IFRS 13. All 12 Board members agreed. The Board plans to have a completed RFI ready for publication in May 2017.

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At its meeting on February 23, 2017, the IASB discussed and tentatively made decisions on the following: (i) how the principle proposed in the model, as well as its general approach, make use of principles in IFRS 15, Revenue from Contracts with Customers and of the Board’s latest thinking in the Conceptual Framework project; (ii) that scope criteria for the model should focus on enforceable rights and obligations created through a formal regulatory pricing (ie rate-setting) framework, but exclude other features of rate regulation described in the paper; and (iii) recognition of regulatory assets and regulatory liabilities.

At a future meeting, the Board plans to discuss detailed analyses of measurement, presentation and disclosure in the proposed model.

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At its meeting on February 23, 2017, the IASB discussed the Conceptual Framework project, concentrating on an appendix on cash-flow-based measurement techniques, and on minor comments on the concepts supporting the asset and liability definitions from the May 2015 Exposure Draft Conceptual Framework for Financial Reporting. Further, the Board discussed: (i) the review for inconsistencies between the revised Conceptual Framework and existing IFRS Standards; (ii) assessing the effects of the revised Conceptual Framework; and (iii) the due process steps for developing the revised Conceptual Framework.

The Board tentatively decided that the Board and the IFRS Interpretations Committee will start using the revised Conceptual Framework as soon as it is issued.

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