At its meeting on June 17, 2019, the Board discussed and made tentative conclusions with respect to each of the following issues: (i) the classification of exchange differences, and gains and losses on derivatives, in the statement(s) of financial performance; (ii) the classification of expenses relating to investments; (iii) income tax effects relating to management performance measures; (iv) differences between management performance measures and segment measures of profit or loss; and (v) transition requirements and the effective date of any new or amended Standard arising from the project. The Board will discuss at a future meeting permission to begin the balloting process for the Exposure Draft.

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At its meeting on June 18, 2019, the Board discussed and made tentative conclusions with respect to the following issues: (i) general principles, including scope and definitions of regulatory assets and regulatory liabilities; (ii) measurement; and (iii) presentation and disclosure. The Board expects to complete its discussion of the model in Q3 2019, when the staff expect to ask for permission to begin drafting an Exposure Draft. The Board anticipate publication of the consultation document in Q1 2020.

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At its meeting on June 18, 2019, the Board met to hear a summary of feedback on proposals for classification of financial instruments in the Discussion Paper, Financial Instruments with Characteristics of Equity, including: (a) Section 2—The Board’s preferred approach; (b) Section 3—Classification of non-derivative financial instruments; (c) Section 4—Classification of derivative financial instruments; and (d) Section 5—Compound instruments and redemption obligation arrangements. The Board was not asked to make any decisions. At future Board meetings, the Board will receive summary of feedback on the remaining sections of the Discussion Paper.

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At its meeting on June 19, 2019, the Board met to discuss transactions that do not affect non-controlling shareholders. The Board expects to continue its discussion on methods of accounting for transactions within the scope of the project at future meetings.

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At its meeting on June 19, 2019, the Board met to decide its preliminary views of what to include in the project’s forthcoming discussion paper. The following topics were covered: (i) better disclosures for business combinations; (ii) reintroduction of amortization of goodwill; (iii) presentation of total equity before goodwill subtotal; (iv) relief from mandatory annual impairment test; (v) value in use—cash flows from a future restructuring or a future enhancement; (vi) value in use—use of post-tax inputs; (vii) summary of preliminary views. The Board will decide in its July 2019 meeting whether to begin the balloting process for the discussion paper which it plans to publish around the end of 2019.

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At its meeting on June 19, 2019, the Board continued its discussion on the Exposure Draft. The proposed amendments to IAS 16 would prohibit an entity from deducting from the cost of an item of property, plant and equipment (PPE) any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Board tentatively decided: (i) to amend IAS 16 to require an entity to identify and measure the cost of items produced before an item of PPE is available for use applying the measurement requirements in paragraphs 9–33 of IAS 2, Inventories. (ii) to develop neither presentation nor disclosure requirements for the sale of items that are part of an entity’s ordinary activities; (iii) for the sale of items that are not part of an entity’s ordinary activities (and to which an entity does not apply IFRS 15 and IAS 2), to require an entity to: (a) disclose separately the sales proceeds and their related production costs recognized in profit or loss; and (b) specify the line item(s) in the statement of profit or loss and other comprehensive income that include(s) the sales proceeds and the production costs; and (iv) not to amend IFRS 6, Exploration for and Evaluation of Mineral Resources, or IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, as a consequence of these proposed amendments. The Board will discuss due process steps at a future meeting.

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