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Summary of the March 2018 CMAC meeting

  • IFRS - CMAC Image

Apr 11, 2018

On April 11, 2018, the International Accounting Standards Board (the Board) released a summary of the Capital Markets Advisory Committee (CMAC) meeting which was held in London on March 2, 2018.

The topics discussed at the meeting included:

  • Primary financial statements:
    • Introducing management performance measures and management-defined adjusted earnings per share (adjusted EPS) into financial statements; and
    • Proposed improvements to the presentation of the share of profit or loss of associates and joint ventures in the statement(s) of financial performance.
  • Discussion Paper: Disclosure Initiative — Principles of Disclosure:
    • Preparers’ views on addressing the disclosure problem;
    • The relative prioritisation of five specific topics included in the DP; and
    • The effect of technology and digital reporting on the project.
  • Goodwill and impairment:
    • An approach to the impairment testing of goodwill that considers movements in headroom; and
    • The requirement in IFRS 3, Business Combinations to recognize all identifiable intangible assets acquired in a business combination separately from goodwill.
  • Rate-regulated activities:
    • Whether using the disclosure objective in IFRS 14, Regulatory Deferral Accounts would be a good starting point for developing the disclosure objective for the model;
    • The usefulness of the preliminary set of disclosures; and
    • Whether entities should be required to provide all the resulting information within their financial statements, rather than in another location, such as in management commentary.

Review the meeting page and the meeting summary on the Board's website.

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