At its meeting on March 21, 2018, the International Accounting Standards Board (the Board) tentatively decided to consider the feedback received on the following Discussion Paper topics within the Primary Financial Statements project and not within the Disclosure Initiative—Principles of Disclosure project:

1. roles of the primary financial statements and the notes;
2. presentation of EBIT and EBITDA;
3. presentation of unusual or infrequently occurring items; and
4. fair presentation of performance measures.

The Board tentatively decided not to pursue the following Discussion Paper topics any further within the Disclosure Initiative—Principles of Disclosure project:

1. guidance on the use of formatting in the financial statements;
2. guidance on the location of accounting policy disclosures; and
3. location of disclosure objectives and requirements in IFRS Standards. 

The Board decided to perform a targeted Standards-level review of disclosure requirements. Specifically, the Board tentatively decided to:

1. develop guidance for the Board itself to use when developing and drafting disclosure requirements;
2. identify one or two IFRS Standards on which to test the guidance developed for the Board;
3. test the guidance for the Board by applying it to the Standard(s) identified in (b); and
4. prepare an Exposure Draft of amendments to the disclosure requirements of the Standard(s) identified in (b).

At a future meeting, the Board will discuss:

1. the relationships between the Better Communication projects;
2. whether and how to further pursue considerations in the Discussion Paper about the location of information and which accounting policies to disclose;
3. whether and how to consider the effect of technology and digital reporting within the scope of the project;
4. the content of guidance for the Board to use when developing and drafting disclosure requirements; and
5. which Standard(s) should be the subject of the Board’s targeted Standards-level review.

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At its meeting on March 22, 2018, the International Accounting Standards Board (the Board) discussed the role of the target profile within the dynamic risk management model. In particular, the Board discussed what is a target profile, how it is determined, consistency of the asset profile and target profile, and the time horizon of the target profile. The paper also briefly discussed laddering strategies along with other matters that will be relevant regarding the target profile in future Board discussions.

The Board tentatively decided the staff should continue developing the model based on the following:

1. the target profile represents management’s objective for a given asset profile;
2. the entity’s risk management strategy should define the target profile considering: the contractual terms of financial liabilities; and the entity’s approach to core deposits where present;
3. the notionals of the asset profile and the target profile are required to be the same but not the tenors; and
4. the time horizon of the target profile is the period of time over which the entity is managing interest rate risk.

In April, the staff plan to discuss the qualifying criteria for items within the target profile and the dynamic nature of the model.

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At its meeting on March 22, 2018, the International Accounting Standards Board (the Board) met to:

1. assess, based on the feedback received, whether IFRS 13, Fair Value Measurement (IFRS 13) is working as intended; and
2. decide whether, as a result of the Post-implementation Review (PIR), it wants to consider performing any follow up work.

The Board concluded that IFRS 13 is working as intended.

The Board decided to:

1. feed the PIR findings regarding the usefulness of disclosures into the work on Better Communications in Financial Reporting, in particular, the projects on Principles of Disclosure and Primary Financial Statements;
2. continue liaising with the valuation profession, monitor new developments in practice and promote knowledge development and sharing; and
3. conduct no other follow-up activities as a result of findings from the PIR, for example not to perform any work in the area of prioritizing the unit of account or Level 1 inputs because the costs of such work would exceed its benefits.

The staff will prepare a Report and Feedback Statement on the PIR.

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At its meeting on March 22, 2018, the International Accounting Standards Board (the Board) discussed the possible accounting model being developed for activities subject to "defined rate regulation".  In particular, the Board discussed:

1. which features of defined rate regulation are both necessary and sufficient for the origination of regulatory assets and regulatory liabilities and so should define the scope of the model for recognition and measurement; and
2. the criteria for recognizing regulatory assets and regulatory liabilities in the financial statements.

The Board will discuss proposals for the measurement requirements of the model before deciding whether to publish an Exposure Draft or a Discussion Paper as the next consultation document for the project. 

At a later meeting, the Board will discuss whether, for disclosure purposes only, it wishes to extend the scope of the resulting IFRS Standard to require disclosures about forms of rate regulation other than defined rate regulation.

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At its meeting on March 22, 2018, the International Accounting Standards Board (the Board) decided not to proceed with the following proposals:

1. those relating to the identification of the Chief Operating Decision Maker (CODM);
2. those clarifying how to apply the "similar economic characteristics criterion" for aggregation; and
3. those relating to disclosure of additional segment information that may be provided if it helps an entity meet the core principle in paragraphs 1 and 20 of IFRS 8.

The Board initially supported the following proposals:

1. to require disclosure of the title and description of the CODM role;
2. to assess whether to narrow the scope of the proposal that an entity link its IFRS 8 reportable segments with other parts of the annual reporting package;
3. to clarify the level of detail required to explain the reconciling items in reconciliations of segment disclosures to financial statements; and
4. to require that all interim periods of the current and prior financial years be restated and presented in the first interim report after a change in the composition of reportable segments, unless the information is not available and the cost to develop it would be excessive.

However, the Board decided that, when taken in aggregate, the proposals would not result in sufficient improvements in information to investors to justify the costs that stakeholders would incur if the Board were to amend IFRS 8. Consequently, the Board decided not to amend IFRS 8. Eight Board members agreed with the decision, five disagreed and one was absent.

The staff plan to publish a summary of the feedback and the Board’s response in the second half of 2018.

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