The topics discussed at the meeting included:

• IASB and Interpretations Committee Update
• Post-implementation Review of IFRS 13, Fair Value Measurement
• Education Initiative commercial publications
• Definition of a business

Review the full meeting summary on the IASB's website.

The first paper sheds light on investor uses, expectations, and concerns on non-GAAP financial measures. It establishes that company-reported non-GAAP financial measures are useful for investors who apply them for varied reasons, but who also make further adjustments including reversing questionable adjustments. The paper also shows that investors have concerns around the communication, consistency, comparability across periods and similar companies, and transparency of non-GAAP financial measures.

The second paper builds on the first one and articulates actions required to improve the communication of these measures and enhance the overall performance reporting framework. For instance, the investors surveyed believe that securities regulators have a vital role in imposing discipline around the reporting of non-GAAP financial measures. And they are of the view that concerns around non-GAAP financial measures should serve as a catalyst for the IASB and the FASB to enhance their primary financial statements’ presentation and classification requirements, including defining key subtotals.

Both papers can be downloaded from the CFA Institute's website:

• Investor Uses, Expectations and Concerns on Non-GAAP Financial Measures
• Bridging the Gap: Ensuring Effective Non-GAAP and Performance Reporting

Below is an analysis of all changes made to the work plan since the last update in December 2016.

Research projects

• Disclosure initiative: Principles of Disclosure — the long awaited discussion paper is now expected in April.

Standard-setting and related projects

• Disclosure initiative: Materiality (practice statement) — the expected publication of the practice statement has moved forward and is now given as "within 6 months".
• Insurance contracts — the expected issuance of the IFRS has been delayed to May since the fatal flaw review revealed some small issues that the staff wants to lay before the Board before finalizing the draft.

Nar­row-scope amend­ments

• Improvements to IFRS 8 resulting from the post-implementation review of IFRS 8 — the expected publication of an exposure draft is now expected in April.
• Symmetric prepayment options — following yesterday's decision to take a related project onto the agenda, the IASB now announces that it expects to publish an exposure draft on the issue in April.
• Annual improvements to IFRSs 2015-2017 — following the publication of an exposure draft of proposed amendments earlier this month, the project is now marked as being in consultation phase with a decision on the project direction expected "within 6 months".

Post-implementation reviews

• After the IASB has decided to move forward with a post-implementation review of IFRS 13, it now announces that it expects to issue a request for information "within 6 months".

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