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Summary of the November 2018 CMAC meeting

  • IFRS - CMAC Image

Dec 05, 2018

On December 5, 2018, the International Accounting Standards Board (IASB) released a summary of the Capital Markets Advisory Committee (CMAC) meeting, which was held in London on November 1, 2018.

The topics discussed at the meeting included:

  • Primary financial statements:
    • Defined subtotals in the statement(s) of financial performance;
    • Management performance measures; and
    • Disaggregation.
  • Financial instruments with characteristics of equity (FICE):
    • Additional disclosures, including priority of issued financial liabilities and equity instruments on liquidation, the maximum potential dilution of ordinary shares, and terms and conditions that affect the timing and amount of cash flows of the financial instruments issued by the entity;
    • Expanded statement of changes in equity, which will show how total comprehensive income of an entity is attributed between different classes of equity instruments; and
    • Presentation in other comprehensive income (OCI) of income and expenses from particular types of financial liabilities i.e. those that have the amount feature that is not independent of the entity’s available economic resources.
  • Management commentary:
    • Objective of management commentary;
    • Applying materiality in preparing management commentary; and
    • Principles for preparing management commentary.
  • Goodwill and impairment:
    • Additional disclosures at acquisition date;
    • Why do users need information on the subsequent performance of the acquired business?; and
    • Additional disclosures about subsequent performance.

The next CMAC meeting will take place on March 21, 2019.

Review the press releasemeeting page and meeting summary on the IASB's website.

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