At its meeting on July 17, 2018, the Board continued its discussion from May 2018 on the measurement of regulatory assets. It discussed and made tentative decisions with respect to the following issues: (i) estimating future cash flows; (ii) significant financing component and discount rate; (iii) changes in estimated cash flows, including changes caused by changes in the discount rate; and (iv) measurement of regulatory liabilities.  The Board asked the staff to develop suggestions to simplify, clarify and add guidance to the tentative decisions made at this meeting when describing the model. The Board also started its discussions about an objective to guide the development of presentation and disclosure requirements for the model. The Board expects to continue its discussions on presentation and disclosure at a future meeting.

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At its meeting on July 17, 2018, the Board received an update on the status of the Management Commentary project. The Board was not asked to make any decisions. The first meeting of the Management Commentary Consultative Group (MCCG) will take place in October 2018. The Board will continue its discussion following the first meeting of the MCCG.

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At its meeting on July 17, 2018, the Board received an update on this research project, including a summary of the discussion at the July meeting of the Accounting Standards Advisory Forum. The Board was not asked to make any decisions. The Board expects to continue discussion at future meetings on methods of accounting for transactions within the scope of the project.

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At its meeting on July 18, 2018, the Board added a project to its agenda to develop guidance and examples to help entities apply materiality judgements to accounting policy disclosure.

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At its meeting on July 18, 2018, the Board decided not to re-expose the proposed amendments to the definition of material and accompanying explanatory paragraphs. The Board is satisfied that the due process requirements have been met and that it has undertaken sufficient consultation and analysis to begin the balloting process for the proposed amendments. The Board agreed with the proposed timetable and gave permission for the staff to prepare the proposed amendments for balloting. No Board members plan to dissent from issuing the amendments.

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At its meeting on July 18, 2018, the Board discussed and made tentative decisions with respect to Board Guidance re this project regarding (i) the use of language; (ii) the use of formatting and presentation; and (iii) procedures for drafting disclosure objectives and requirements. The Board tentatively decided to select IAS 19, Employee Benefits, and IFRS 13, Fair Value Measurement, to test the draft guidance for the Board to use when developing and drafting disclosure requirements. The Board expects to continue its discussion about testing the guidance for the Board to use when developing and drafting disclosure requirements at future meetings.

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At its meeting on July 18, 2018, the Board received a summary of feedback from ASAF members on particular aspects of the proposed amendments to IAS 8. The Board was not asked to make any decisions. The Board will continue its discussions at a future meeting.

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At its meeting on July 18, 2018, the Board continued its discussions on this research project. The Board discussed the objectives of its follow up work in the light of findings from the research. In particular, the Board tentatively decided: (i) not to pursue the objective of removing the differences between accounting requirements for internally generated intangible assets and those for intangible assets acquired in a business combination; (ii) to explore whether disclosures could be improved to enable investors to assess more effectively whether a business combination was a good investment decision and whether the acquired business is performing after the acquisition as was expected at the time of the acquisition; (iii) to pursue improving the calculation of value in use by removing from IAS 36 Impairment of Assets: (a) the restriction that excludes from the calculation cash flows that are expected to result from a future restructuring or from a future enhancement; and (b) the requirement to use pre tax inputs in the calculation; (iv) to retain the existing model for impairment testing in IAS 36, instead of changing it to focus on assessing whether the carrying amount of acquired goodwill is recoverable. The Board also tentatively decided to issue a discussion paper as the research project’s next step. (The Board noted that this decision would not preclude it from issuing an exposure draft on, for example, targeted improvements to the value in use calculation.)

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At its meeting on July 18, 2018, the Board noted that, at a future meeting, it expects to discuss amendments to IFRS Practice Statement 2, Making Materiality Judgments, to explain and demonstrate the application of the four-step materiality process to accounting policy disclosure. Furthermore, the Board will consider the need for amendments to the requirements on accounting policy disclosures in IAS 1 as it develops the guidance and examples for inclusion in IFRS Practice Statement 2.

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