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Location: London
On May 18, 2017, the International Accounting Standards Board issued the Update summary of its meeting held on May 16-17, 2017.
The topics for discussion were:
Review the IASB Update and podcast on the IASB's Web site.
At its meeting on May 16, 2017, the IASB ratified IFRIC Interpretation Uncertainty over Income Tax Treatments. The Interpretation addresses how to reflect uncertainty in accounting for income taxes. The Board expects to issue the Interpretation in the second quarter of 2017.
At its meeting on May 16, 2017, the IASB ratified IFRIC Interpretation Uncertainty over Income Tax Treatments. The Interpretation addresses how to reflect uncertainty in accounting for income taxes. The Board expects to issue the Interpretation in the second quarter of 2017.
Review the IASB Update and podcast on the IASB's Web site.
At its meeting on May 16, 2017, the IASB tentatively decided to finalize the proposed amendments to IAS 28 and to clarify in IAS 28 that: (i) an entity applies the requirements in IFRS 9 to long-term interests before applying the loss allocation and impairment requirements in IAS 28; and (ii) in applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long-term interests that result from the application of IAS 28. In addition, the Board tentatively decided to set an effective date of January 1, 2019, with earlier application permitted. The Board will discuss due process steps and transition requirements for first-time adopters at a future meeting.
At its meeting on May 16, 2017, the IASB tentatively decided to finalize the proposed amendments to IAS 28 and to clarify in IAS 28 that: (i) an entity applies the requirements in IFRS 9 to long-term interests before applying the loss allocation and impairment requirements in IAS 28; and (ii) in applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long-term interests that result from the application of IAS 28.
In addition, the Board tentatively decided to set an effective date of January 1, 2019, with earlier application permitted.
The Board will discuss due process steps and transition requirements for first-time adopters at a future meeting.
Review the IASB Update and podcast on the IASB's Web site.
At its meeting on May 16, 2017, the IASB discussed an analysis that suggests that rights or obligations created by the rate-adjustment mechanism are assets or liabilities, as those terms are expected to be defined in the forthcoming revised Conceptual Framework for Financial Reporting. The Board was not asked to make any decisions. The Board plans to discuss further aspects of the model at its June meeting.
At its meeting on May 16, 2017, the IASB discussed an analysis that suggests that rights or obligations created by the rate-adjustment mechanism are assets or liabilities, as those terms are expected to be defined in the forthcoming revised Conceptual Framework for Financial Reporting. The Board was not asked to make any decisions.
The Board plans to discuss further aspects of the model at its June meeting.
Review the IASB Update and podcast on the IASB's Web site.
At its meeting on May 17, 2017, the IASB discussed possible simplifications to the impairment test in IAS 36, Impairment of Assets. The Board will continue to discuss whether it is possible to: (i) simplify and improve the application of the impairment test in IAS 36 without loss of information to users of financial statements; and (ii) improve the quality of information provided to users without imposing costs that might outweigh any benefits. The Board was not asked to make any decisions.
At its meeting on May 17, 2017, the IASB discussed possible simplifications to the impairment test in IAS 36, Impairment of Assets. The Board will continue to discuss whether it is possible to: (i) simplify and improve the application of the impairment test in IAS 36 without loss of information to users of financial statements; and (ii) improve the quality of information provided to users without imposing costs that might outweigh any benefits.
The Board was not asked to make any decisions.
Review the IASB Update and podcast on the IASB's Web site.