The issues included in this cycle to date are minor amendments to (i) IFRS 1, First-time Adoption of International Financial Reporting Standards; IFRS 9, Financial Instruments; (iii) IFRS 16 — Leases; and IAS 41, Agriculture

For fur­ther de­tails, re­fer to the Exposure Draft on the AcSB’s web­site.

The IASB proposes to amend IFRS 3 to replace the reference to The Framework for

the Preparation and Presentation of Financial Statements with the revised Conceptual Framework for Financial Reporting in a way that avoid conflicts with other IFRS® Standards

For fur­ther de­tails, re­fer to the Ex­po­sure Draft on the AcSB’s web­site.

For fur­ther de­tails, re­fer to the In Brief doc­u­ment on the AcSB’s web­site.

The Panel Discussion is expected to take place on July 18, 2019 at 1:30 pm – 4:00 pm ET at the CPA Canada Office. For further details, refer to the notice on the AcSB’s website.

Items covered include:

• Understanding the arrangement and identifying customer(s): How should a mining entity evaluate who its customer is?
• Shipping and refining obligations: How should obligations associated with shipping a commodity to a customer, or providing refining services, be treated?
• Transfer of control over commodities: How does a mining entity evaluate transfer of control for a commodity and the resulting revenue recognition?
• Provisional pricing: How should a mining entity address the unique pricing issues associated with provisionally priced contracts?

Read the publication on the CPA Canada web­site.

Deloitte Global supports the IASB’s response in proposing amendments to both IFRS 9 and IAS 39 that deal with the immediate need of addressing the effect of the uncertainty arising from changes in benchmark interest rates on the “highly probable” requirement for cash flow hedges and the designated risk for cash flow and fair value hedges and suggest the IASB work on finalizing these amendments and begin the work on its second phase of amendments concurrently.

In addition, Deloitte Global believes there is a lack of clarity in (1) the application to retrospective hedge effectiveness, (2) the measurement of hedge ineffectiveness, and (3) whether the amounts deferred in the cash flow hedge reserve should be reclassified to profit or loss when the entity ceases applying the amendment.

Please download the full comment letter here.

The terms of all three new members are ef­fec­tive im­me­di­ately.

For more in­for­ma­tion, see the press release on the FASB’s Web site.

Specifically, the FASB is requesting feedback from public companies on “the issues preparers may face in applying different potential improvements for the existing segment disclosure requirements.”

For more information, see the press release on the FASB’s Web site.

Re­view the announcement on the IASB’s web­site.

Mr Hoogervorst began with an overview of the primary financial statements (PFS) project and provided comments related to subtotals (definition of operating profits and profit before financing and tax), labeling non-GAAP measurement as ‘management performance measures’, improvements to disaggregation, the disclosure of ‘unusual’ items of income or expenses, and the impact the PFS proposals will have to the quality and usefulness of the income statement.

Next, Mr Hoogervorst commented on the importance of management commentary (a topic he also covered in similar speech at the Climate-Related Financial Reporting Conference in April 2019) to provide broader financial information, such as the impact of intangibles. He mentioned the need to update the Management Commentary Practice Statement to accommodate new advances made in the environmental, sustainability and governance reporting space.

For more information, see the transcript of his speech on the IASB’s website.