In December 2017, the IASB concluded its discussions of the scope of the project and the webinar discussed the Board’s decisions and gives illustrative examples of transactions within the scope. The recording of the webinar lasts approximately 35 minutes.

Access the recording on the IASB's website.

The HLEG calls on the European Commission (EC) to “place greater emphasis on the need to integrate non-financial information” in the EU Directive on non-financial reporting. The final report states, “The ultimate ambition has to be convergence or integration of financial and non-financial or sustainability information… Integrated reporting supports this convergence qualitatively through reporting that links sustainability factors with company strategy.”

Review the final report and supporting materials on the EC's website.

In a video interview, he talks about progress with our regular columnist Robert Bruce.

Richard Howitt is confident about the future. And he has, he says, good reason to be so. Just as it took a while for the concept of integrated reporting to take hold around the world, there are now clear signs that integrated thinking, the key concept that underlies integrated reporting, is equally taking hold, the two concepts "go hand in hand" he said. He points to, for example, the global professional accounting body, IFAC.

It described integrated reporting as "the future of company reporting". He points to the High Level Experts’ Group on Sustainable Finance. It described integrated reporting as "the ultimate ambition". For Howitt, it is recognition that the journey of the concept of integrated reporting is still on course.

And Howitt was also encouraged by the IASB’s recent decision to revise its Management Commentary practice statement so that it was ever more closely aligned to integrated reporting. "That was", he said, "a very, very significant decision".

One of the obstacles that companies cite as a barrier is the absence of a global Standard for metrics, outside the mainstream financial numbers. There are many frameworks and standard-setting bodies in the this field and Howitt sees the Corporate Reporting Dialogue, which sits in the IIRC structure as a means of removing this obstacle.

There will be many a bump along the road ahead. The concept of integrated thinking as the ultimate transformative goal needs more emphasis. But progress is being made.

Read the entire column on our Global IAS Plus site.

There are four good reasons why options deserve another look, especially in times when many believe: (i) companies should be investing for the longer term, (ii) companies should be encouraging more innovation with longer payback periods, and (iii) economic growth is increasing.

Review the full article on Semler Brossy's website.

Below is an analysis of all changes made to the work plan since our last analysis on December 18, 2017.

Maintenance projects

• Availability of a refund (amendments to IFRIC 14) — The next milestone is an IFRS amendment but the expected date has been removed. The Board plans to perform further work on the possible effects of the amendments before proceeding.
• Definition of a business (amendments to IFRS 3) — An IFRS amendment is now expected in Q2 2018 (updated from H1 2018).
• Improvements to IFRS 8 Operating Segments (amendments to IFRS 8 and IAS 34) — The IASB will now decide the project’s direction in March 2018 (previously set to January 2018).
• Plan amendment, curtailment or settlement (amendment to IAS 19) — An IFRS amendment is expected in February 2018 (previously set to January 2018).

Standard-setting projects

• Definition of material (amendments to IAS 1 and IAS 8) — Discussions on feedback of the exposure draft are now expected April 2018 (previously set to March 2018).
• Rate-regulated activities — A discussion paper or exposure draft is expected in H1 2019 (previously set to 2019).

Research projects

• Discount rates — Research summary is expected in Q2 2018 (updated from H1 2018).
• Dynamic risk management — The next milestone has been changed from discus-sion paper to core model. It is expected in H1 2019 (previously set to just 2019).
• Financial instruments with characteristics of equity — a discussion paper is expected in Q2 2018 (updated from H1 2018).
• Goodwill and impairment — A discussion paper or exposure draft is expected in H2 2018 (previously set to H1 2018).
• Post-implementation review of IFRS 13, Fair Value Measurement — The next milestone is a request for information feedback. The IASB discussed this topic at its January meeting.
• Primary financial statements — A discussion paper or exposure draft is expected in H1 2019 (pushed back from H1 2018).
• Principles of disclosure — Discussions on feedback of the discussion paper are now expected February 2018 (moved up from March 2018).
• Share-based payment — A research summary is expected in Q2 2018 (updated from H1 2018).

Other projects

• IFRS Taxonomy Update— IFRS 17 Insurance Contracts — The final update was removed from the IASB’s work plan, as the update was published on 11 January 2018.
• IFRS Taxonomy Update — common practice (IFRS 13) — A proposed update is expected in Q2 2018 (updated from H1 2018).

The revised IASB work plan is available on the IASB's website.

The materials include:

• Set the scene:
  • To understand and explain why IFRS 17 was developed
  • To familiarize stakeholders with the scope, timing and requirements of IFRS 17
  • To understand and explain the possible benefits and costs of IFRS 17
  • To understand and explain how IFRS 17 relates to prudential regulation
  • To understand and explain what investors think about IFRS 17
• Plan for implementation
• Education
• Use implementation support provided by the IFRS Foundation

Review the summary of the IASB's website.

The first presentation (20 slides) explores the impact of accounting volatility on financial stability, how IFRS 9, Financial Instruments and IFRS 17, Insurance Contracts contribute to stability, and the relationship between the IFRS Foundation and regulators.

The second presentation (26 slides) explains how accounting standards contribute to long-term investments and how capital markets benefit from transparent reporting.

Review the press release on the IASB's website.

“The new ASU reduces the cost of adopting the new leases standard for certain land easements,” noted FASB Chairman Russell G. Golden. “Additionally, it helps ensure that companies can make a successful transition to the standard without compromising the quality of information provided to investors about these transactions.”

Land easements (also commonly referred to as rights of way) represent the right to use, access, or cross another entity’s land for a specified purpose.  Land easements are used by utility and telecommunications companies, for example, when they need to take a small strip of land—or easement—to bury wires. Not all companies have historically accounted for them as leases.

The land easements ASU:

• Provides an optional transition practical expedient that, if elected, would not require an organization to reconsider their accounting for existing land easements that are not currently accounted for under the old leases standard
• Clarifies that new or modified land easements should be evaluated under the new leases standard, once an entity has adopted the new standard.  

The amendments in this Update affect the amendments in ASU No. 2016-02, Leases (Topic 842), which are not yet effective, but may be early adopted, and Example 10 of Subtopic 350-30. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Update 2016-02. An entity that early adopted Topic 842 should apply the amendments in this Update upon issuance.

Review the press release and the ASU on the FASB's website.

In December 2017, the IASB concluded its discussions of the scope of the project and the webinar will discuss the Board’s decisions and illustrative examples of transactions within the scope.

The IASB will offer a morning and an afternoon session to accommodate stakeholders in time zones around the world. Both 45-minute web presentations will also allow participants to ask questions. Registration is required (on the IASB's website) for the sessions:

• Session at 9:30 (GMT)
• Session at 15:00 (GMT)

A recording of the webinar will be available in due course.

Review the press release on the IASB's website.

The webcast is presented in two parts:

• Part 1 explaining why and how insurance contracts are grouped.
• Part 2 discusses recognition, derecognition and disclosures.

Review the press release on the IASB’s website. In addition, earlier webcasts and webinars on IFRS 17 are available through an archive.