At its meeting on February 7, 2018, the PEAC discussed members’ comments arising from their fatal-flaw review of the forthcoming Exposure Draft on Agriculture, and identified areas for the Board to consider providing further clarification, as follows (i) scope; (ii) definitions and classification; (iii) measurement of agricultural inventories; (iv) measurement of productive biological assets; (v) disclosure; and (vi) other.

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At its meeting on February 7, 2018, the PEAC discussed a summary of the feedback obtained from outreach activities on the Exposure Draft, “Retractable or Mandatorily Redeemable Shares Issued in a Tax Planning Arrangement.” Committee members advised the Board to consider: (i) clarifying “Condition 2 – Redemption schedule” by removing reference to “implicit arrangements”; (ii) revising “Condition 3 – No consideration other than shares exchanged” to more clearly reflect that this condition applies to transactions that involve more than one class of shares; and (iii) providing an option for liability classification when all the conditions for equity classification of retractable or mandatorily redeemable shares are met or a stakeholder chooses not to assess whether all the conditions are met. Committee members also discussed feedback on the transitional relief the Board proposed and expressed mixed views about whether additional transitional relief was necessary in circumstances when information about a tax planning arrangement could not be obtained.

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At its meeting on February 7, 2018, the PEAC discussed a summary of the feedback obtained from outreach activities on the Exposure Draft, “Accounting for Related Party Financial Instruments and Significant Risk Disclosures.” Committee members advised that the Board clarify the initial measurement proposals for related party financial instruments. Members thought adding a flow chart in Section 3856, Financial Instruments, and Section 3840, Related Party Transactions, would direct stakeholders on which standard to apply to the various elements of a related party transaction. Committee members also advised the Board to consider providing guidance on what “entity-specific information” means. However, members think illustrative examples should not be provided in the guidance because these may be applied as template disclosures.

Review the meeting notes on the AcSB's Web site.