The webcast, which features IASB member Sue Lloyd, Technical Director Kumar Dasgupta, and Practice Fellow Uni Choi, covers the following topics:

• “when multiple scenarios are relevant and the concept of non-linearity;
• consistency of scenarios;
• probability-weighted assessment of significant increase in credit risk; and
• approaches to incorporating forward-looking scenarios”

Review the webcast on the IASB’s website.

Changes to the work plan include:Changes to the work plan include:

Research projects

• Disclosure initiative: Principles of Disclosure: Updated to indicate that the discussion paper is expected in October/November 2016.

Standard-setting and related projects (major projects)

• Disclosure initiative: Materiality Practice Statement: Updated to indicate that a decision on the direction of the project is now expected within 3 months; previously it was within 6 months
• Amendments to IFRS 4: Applying IFRS 9 with IFRS 4: Updated to indicate that the final amendments are now expected within 3 months (September)

Implementation projects (narrow scope amendments)

• Changes in Accounting Policies and Estimates: Updated to indicate that an exposure draft is now expected within 6 months
• Definition of a Business and Accounting for Previously Held Interests: Updated to indicate that the project is currently in the public consultation phase with a decision on the direction of the project to occur after 6 months
• Annual improvements 2014–2016: Updated to indicate that the project is currently in the drafting phase and the amendments are expected within 6 months
• Annual improvements 2015–2017: Updated to indicate that the project is currently in the drafting phase and an exposure draft is expected within 6 months.

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

The study finds that as the incentives and institutions that influence accounting outcomes vary among firms and among jurisdictions the goal of international financial reporting should be increased comparability rather than complete comparability. Improving the quality of financial reporting would therefore not only require thinking about the technical requirements that govern it, but also the incentives of those who prepare accounts and the surrounding institutions – auditing, corporate governance, enforcement, the legal system, the educational system, and so on.

The issues discussed in the report imply that public policy debates should focus on the incentives and institutions that support financial reporting quality as well as on accounting standards. They also imply that countries considering adopting IFRS need to look at other institutions as well if they are to obtain the full benefits of adoption.

Review the full study on the ICAEW's website.

The following topics were discussed:

• 2015 Agenda Consultation
• IASB and IFRS Foundation Update
• IFRS Foundation Review of Structure and Effectiveness
• Members' communications
• Technological Disruption of Financial Reporting
• Timeline for developing Standards—The Leases Project—A look back

The full report on the council’s February meeting is available on the IASB's Web site.

Responses released on July 1, 2016 include thoughts on the following question:

In areas of accountancy, what new policies will follow? Will [the UK] be inclined or persuaded to depart from International Financial Reporting Standards (IFRS) and re-establish UK Generally Accepted Accounting Practice (UK GAAP)?

The ICAS staff argue that if the UK intends to remain a global player, "then one would expect that it would need to require listed entities to comply with global standards in the area of financial reporting". They state:

IFRS is now seen as the global benchmark in terms of financial reporting standards and therefore their use, or the use of standards substantively based on the IFRS framework (adopted standards), would appear to be the primary option.

However, the ICAS staff points out that following its exit, the UK would have the ability to sadopt IFRS standards as issued by the IASB without them firstly having to be adopted by the EU. They also explain that the UK could establish its own adoption mechanism, possibly via the Financial Reporting Council (FRC).

Please click for the following information on the ICAS' Web site:

• List of 20 questions
• Answers on business and trade
• Answers on bridging the policy gap
• Answers on taxation and accounting

Mr Hoogervorst said:

Valuable information gets drowned out by ‘tick the box’ disclosures and voluminous, but poorly organized and presented, financial data. For the investor, it is often difficult to see the woods through the multitude of information trees. We will take a fresh look at how financial information is presented, how it is grouped together, and in what form it is made available.

"Better Communication" will bring together a number of work streams, including:

• Primary Financial Statements—improving the organisation and structure of the ‘face of financial statements’ (statements of financial position, financial performance and cash flows);
• Disclosure Initiative—improving the quality and usefulness of financial disclosures through amendments;
• Financial Instruments with the Characteristics of Equity (FICE)—clarifying the definition, presentation and disclosure requirements for such instruments;
• Digital reporting—further developing the IFRS Taxonomy to ensure it meets electronic reporting needs and remains fit for purpose; and
• Non-financial reporting—assessing strategic challenges and exploring any potential future role that the Board may play in this area.

"Better Communication" as a theme for the Board's work responds to much of the feedback received through the 2015 Agenda Consultation, and should deliver material improvements to users’ ability to make economic decisions from financial information.

Mr Hoogervorst also announced that the Board will be playing a more active role in supporting jurisdictions in the implementation of new and existing IFRS Standards.

Read the full speech on the IASB's Web site.

In the webcast, the IASB staff discuss:

• measurement of lease liabilities
  • lease term
  • variable lease payments
  • in-substance fixed lease payments
  • discount rate
• measurement of right-of-use assets

The new webcast and all previous webcasts of the series are available on the IFRS 16 implementation page on the IASB’s website.

The proposed amendments provide:

• clearer application guidance to help distinguish between a business and a group of assets when applying IFRS 3; and
• clarification on how a company should account for previously held interest in a business, if acquiring control, or joint control, of that business.

The proposed amended application guidance on the definition of a business in IFRS 3 arises from the Board’s Post-implementation Review (PIR) process, which is conducted on each Standard and major amendment approximately two years after their effective dates. The IFRS 3 PIR shows general support for the accounting requirements in the Standard but identifies some areas where further research will be undertaken.

The proposed amendment to accounting for previously held interests was developed through the IFRS Interpretations Committee.

Further information about the Exposure Draft—Definition of a Business and Accounting for Previously Held Interests (Proposed Amendments to IFRS 3 and IFRS 11)—can be accessed on the IASB's Web site. The deadline for comments is October 31, 2016.

Additional information

Please click for:

• IASB press release (link to IASB website)
• Access to the exposure draft on the IASB website
• Our project page on IFRS 3 — Definition of a business
• Our project page on IFRS 3/IFRS 11 — Remeasurement of previously held interests

This issue of Investor Perspective features:

• An examination of capitalization tables;
• A closer look at the IASB's projects on Conceptual Framework and financial instruments with characteristics of equity;
• A solicitation for ideas on "more efficient and effective way for investors and lenders to obtain a comprehensive picture of the rights and obligations created by a company’s liability and equity claims"; and
• Recent resources related to disclosure effectiveness.

For more information, see the June 2016 edition of the Investor Perspectives newsletter on the IASB’s website.

Changes to the work plan include:

Major projects

• No changes made to major projects.

Im­ple­men­ta­tion projects

• Annual Improvements (2015-2017): A decision on the direction of the project is now expected within 3 months.
• Remeasurement at a Plan Amendment, Curtailment or Settlement / Availability of a Refund of a Surplus from a Defined Benefit Plan: A decision on the direction of the project is now expected within 3 months.
• Draft IFRIC Interpretation — Uncertainty over Income Tax Treatment: A decision on the direction of the project is now expected within 3 months.
• Draft IFRIC In­ter­pre­ta­tion — Foreign Currency Trans­ac­tions and Advance Con­sid­er­a­tion: A final interpretation is now expected within 6 months.

In addition, the work plan indicates that the exposure drafts on the definition of a business and on the remeasurement of previously held interests are expected to be released next week.

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