At its meeting on June 21-22, 2017, the IASB discussed a draft description in the Conceptual Framework of the boundary of a reporting entity that is not a legal entity. The description was developed in response to a tentative decision made at the September 2016 Board meeting. The Board was satisfied with the direction of the drafting but decided to emphasize further that the information needs of users of financial statements play an important role in establishing the boundary of a reporting entity that is not a legal entity.

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At its meeting on June 21-22, 2017, the IASB discussed an issue that has arisen in drafting an exposure draft for proposed amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (ED). The Board decided to include in the ED a proposal to delete ‘IG Example 3—Prospective application of a change in accounting policy when retrospective application is not practicable’ from the Guidance on Implementing IAS 8. The Board expects to publish the ED in the third quarter of 2017.

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At its meeting on June 21-22, 2017, the IASB discussed the Primary Financial Statements project. The Board continued its discussion from the March 2017 Board meeting about introducing two subtotals in the statement(s) of financial performance—earnings before finance income/expenses and tax (EBIT) and a management performance measure. No decisions were made at this meeting. The staff will consider the feedback received by the Board and bring back revised proposals to a future meeting.

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At its meeting on June 21-22, 2017, the IASB considered feedback from the comment letters on the Exposure Draft Prepayment Features with Negative Compensation (proposed amendments to IFRS 9). The Board also considered issues that need to be discussed in the redeliberation of the proposed amendments to IFRS 9. The Board was not asked to make any decisions. The Board redeliberation will take place at the July Board meeting.

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At its meeting on June 21-22, 2017, the IASB met to view a presentation on the Dynamic Risk Management research project. The educational presentation included information on: how product maturity, product growth and the passage of time can influence the measurement of risk; what actions are taken in response to those events and the impact of those actions; and the importance of specificity when measuring risk against a stated objective. The Board was not asked to make any decisions.

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At its meeting on June 21-22, 2017, the IASB resumed its discussions on the comments received on the Exposure Draft Definition of a Business and Accounting for Previously Held Interests (ED). The Board made a number of tentative decisions. The Board will discuss a comparison between the FASB Accounting Standards Update 2017–01 Clarifying the Definition of a Business and the draft amendments to IFRS 3 at a future meeting. At that meeting, the Board will receive a request from staff for permission to begin drafting the final amendments.

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At its meeting on June 21-22, 2017, the IASB discussed five examples that demonstrate common types of regulated rate adjustments. Each example shows how the model would recognize a regulatory asset or regulatory liability, together with a related regulated rate adjustment recognized in profit or loss. For each example, the Board considered the staff’s conclusions about: the timing and amount of the originating adjustment; and the pattern and timing of the reversal of the adjustment. The Board plans to discuss further aspects of the model at its July meeting.

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At its meeting on June 21-22, 2017, the IASB continued to discuss the proposed amendments to IAS 28 Investments in Associates and Joint Ventures. Specifically, it discussed transition requirements for first-time adopters and due process steps. The Board tentatively decided not to provide first-time adopters with any transition requirements other than those already included in IFRS 1 First-time Adoption of International Financial Reporting Standards. The Board expects to issue the amendments to IAS 28 in September 2017.

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At its meeting on June 21-22, 2017, the IASB discussed whether, and if so how, to address the challenges posed by the requirements in IAS 8 for voluntary changes in accounting policies—in particular, changes in accounting policies that result from agenda decisions published by the IFRS Interpretations Committee. Specifically, the Board considered whether it should provide further exceptions in IAS 8 for retrospective application of voluntary changes in accounting policies, either for all voluntary changes in accounting policies or only for those changes that result from agenda decisions. The Board tentatively decided to amend IAS 8 to lower the impracticability threshold regarding retrospective application of voluntary changes in accounting policies that result from agenda decisions. The proposed threshold would include a consideration of the benefits and costs of applying the change retrospectively.

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