This webcast discusses the Board’s preferred approach approach to the presentation of financial liabilities.

Review the press release on the Board's website, which offers access to the webcast and to the slides, which can be downloaded separately.

All six webcasts of the series are available on the Board's FICE project page.

The survey results show that 75% of investors rate segment disclosures as very important to their analysis, but that only 13.4% are satisfied with the segment disclosures as currently provided. The survey therefore concludes that the implication for standard-setters is that there is substantial work to be done to meet segment disclosure investor needs.

The following additional results are also provided in the report:

• 83.4% of respondents strongly agreed or agreed that segments should be disclosed as a critical audit matter.
• 67.8% of respondents agreed or strongly agreed that competitive harm is overstated as a reason not to improve segment disclosures.
• 86.6% of respondents agreed or strongly agreed that technological improvements should, but have not, substantially improved segment disclosures.
• 72.7% of respondents agreed that regulators do not seem to enforce segment disclosure requirements effectively.
• 61.8% of respondents indicated that the public discussion of results was not necessarily consistent with segment results.
• 74.8% of respondents agreed that non-GAAP measures are not, but should be, reconciled to segment results.
• 77.8% of respondents noted that segment disclosures are not always presented clearly and reconciled to the basic financial statements.
• 82.4% stated that presentation by product/service or by region made comparative analysis more difficult.

Although the paper is more focused on US GAAP and Topic 280, the paper points at the similarity of the segment reporting requirements between US GAAP and IFRS and notes that a review of IFRS 8 Operating Segments should also be a project for the IASB.

Review the full report on the CFA Institute's website.

Key findings of the survey are:

• 52% of organizations anticipate a "material change" to their financial reporting
• 67% of all organizations have not yet started or are on the impact assessment phase
• 34% rate the determination of lease terms as highly complex
• 86% of organizations are not considering early adoption
• 43% have not yet determined their transition budgets
• 74% of respondents do not currently have dedicated software systems for contracts
• 61% of respondents are considering externally developed leasing systems
• 38% of IFRS 16 respondents are considering the modified retrospective approach

Review the full survey results on our Global IAS Plus website.

Financial Executives International (FEI) published an interview with Deloitte lead partner on the survey Laurence Rivat discussing the survey results and especially IT aspects around implementing the new standards.

Considerations that both the borrowers and lenders need to take include:

• The most apparent effect of the new IFRS 16 will be on a borrower’s financial ratios in their loan agreements. Any ratios that utilize these terms, including asset turnover ratios, debt-to-equity ratios, current ratios and EBTIDA metrics, all which are common financial covenants in loan agreements, will also be impacted and should be tested in light of IFRS 16 treatment.
• Borrowers should consider whether they will be able to meet their financial covenants as currently contemplated and they should consider working with their lenders to amend loan agreements to deal with the implementation of IFRS 16.
• Lenders will need to consider if their current lending documents adequately deal with the changes that IFRS 16 will bring.

Review the full article on Cassels Brock Lawyers' website.

The topics covered during the meeting were the following (numbers in brackets are references to the corresponding paragraphs of the summary):

• Financial instruments with characteristics of equity (1–6): The IASB staff provided an education session for ASAF members on the Discussion Paper Financial Instruments with Characteristics of Equity issued in June 2018.
• Business combinations under common control (7–25): ASAF members discussed (1) discuss the results of a joint investor survey conducted by the HKICPA and OIC as well as (2) measurement approaches developed by the staff for transactions within the scope of the Board’s BCUCC project.
• Better communication (26–41): ASAF members gave feedback (1) on moving the primary financial statements project from the research agenda to the standard-setting agenda and (2) on the AcSB’s draft framework for reporting performance measures.
• Property, Plant and Equipment – Proceeds before intended use (42–48): ASAF members were asked for advice on the possible ways forward regarding ED and the project in general.
• Goodwill and impairment (49–68): ASAF members (1) offered their views about disclosures that the Board tentatively decided to consider and additional possible disclosures the staff are considering to improve disclosure requirements for business combinations, goodwill and impairment and (2) were asked whether they have any suggestions or ideas for other possible disclosures that can provide better and timely information without imposing costs that exceed the benefits.
• Better communication (continued) (69–77): The ASAF members provided advice on (1) the Board's process for developing and drafting guidance for the Board regarding disclosure objectives and requirements and (2) which standards the Board should select for review.
• Accounting for pensions (78–91): ASAF members discussed a proposal that the IASB consider hybrid pension plans either as another dimension of the research pipeline project or a project in itself.
• Project updates and agenda planning (92–95): ASAF members discussed the proposed agenda for the October 2018 ASAF meeting.

A full summary of the meeting is available on the Board's website.

This webcast explains Section 5 of the Discussion Paper Financial Instruments with Characteristics of Equity on compound instruments and redemption.

It covers the Board’s preferred approach to classification of compound instruments, such as convertible bonds, and obligations to redeem own equity instruments, for example a written put option on own shares.

Future webcasts in the series will cover:

• presentation of equity instruments; and
• presentation of financial liabilities

For more information, see the press release on the Board’s website and the webcast on the IFRS Foundation’s YouTube channel.

This we­b­casts dis­cusses how the Board’s preferred approach would classify own equity derivatives (except for those that include an obligation for a company to take back its own shares, which will be explained in a future FICE webcast).

Fu­ture we­b­casts in the se­ries will cover:

• Clas­si­fi­ca­tion of com­pound in­stru­ments and re­demp­tion oblig­a­tion arrange­ments.
• Pre­sen­ta­tion of eq­uity in­stru­ments.
• Pre­sen­ta­tion of fi­nan­cial li­a­bil­i­ties.

For more in­for­ma­tion, see the press re­lease on the IASB’s web­site and the we­b­cast on the IFRS Foun­da­tion’s YouTube chan­nel.

The letter disagrees with the proposals to amend IAS 8 to lower the impracticability threshold for retrospective application of voluntary changes in accounting policy resulting from agenda decisions published by the IFRS^® Interpretations Committee (agenda decisions).

The AcSB expresses concerns that amending IAS 8 as proposed would essentially elevate the authority of agenda decisions without the extent of due process expected for such an outcome.

The AcSB also notes that the proposals could lead to unintended consequences in jurisdictions, including Canada, where entities are expected to apply accounting policies in line with explanatory material in agenda decisions and, therefore, such changes in accounting policy are not voluntary in practice.

The AcSB strongly encourages the IASB to consider another mechanism, such as a change in the process around agenda decisions, to achieve its objectives for this project.

Review the AcSB letter posted on the IASB's website.

The proposed amendments to Rules 3-10 and 3-16 of Regulation S-X would focus disclosures on information that is material to investors given the specific facts and circumstances, make the disclosures easier to understand, and reduce the costs and burdens for registrants. By reducing compliance burdens, the proposed amendments should further encourage issuers to register debt offerings, and thus provide investors with additional protections that are not present in unregistered offerings.

Review the press release and fact sheet on the SEC's website.

Below is an analysis of all changes made to the work plan since our last analysis on June 22, 2018.

Research projects

• Business Com­bi­na­tions Under Common Control — The expected date of the decision paper is pushed into the second half of 2019.
• Dis­clo­sure Ini­tia­tive — Prin­ci­ples of Dis­clo­sure — This project is now in the summary stage.
• Discount Rates — This project is now in the summary stage which is expected to be completed in the fourth quarter of 2019.
• Financial In­stru­ments with Char­ac­ter­is­tics of Equity — This project is now in the feedback stage which is expected to be completed in the first half of 2019.
• Post-Im­ple­men­ta­tion Review of IFRS 13 Fair Value Mea­sure­ment — A feedback statement is now expected in the fourth quarter of 2018.
• Share-Based Payment — This project is now in the summary stage which is expected to be completed in September 2018.

Main­te­nance projects

• Accounting Policies and Accounting Estimates (Amend­ments to IAS 8) — A decision on the project is expected in October 2018.
• Accounting Policy Changes (Amend­ments to IAS 8) — The expected date of the exposure draft is narrowed to the fourth quarter of 2018.
• Clas­si­fi­ca­tion of Li­a­bil­i­ties (Amend­ments to IAS 1) — A decision on the direction of the project is now expected in September 2018.
• Costs Con­sid­ered in Assessing Whether a Contract Is Onerous (Amend­ments to IAS 37) — This is a new project. An exposure draft is expected to be issued in the fourth quarter of 2018.
• De­f­i­n­i­tion of a Business (Amend­ments to IFRS 3) — The expected issuance of the IFRS amend­ments is now September 2018.
• Dis­clo­sure Ini­tia­tive — Targeted Stan­dards-Level Review of Dis­clo­sures — This project is now in the exposure draft stage.
• Im­prove­ments to IFRS 8 Operating Segments (Amend­ments to IFRS 8 and IAS 34) — A feedback statement is now expected in the fourth quarter of 2018.

Stan­dard-set­ting projects

• Man­age­ment Com­men­tary — An exposure draft is now expected in the first half of 2020.
• Rate-Reg­u­lated Ac­tiv­i­ties — The issuance of a dis­cus­sion paper or exposure draft is now expected in the second half of 2019.

Other projects

• IFRS Taxonomy Update — Common Practice (IFRS 13) — A proposed update is now expected in September 2018.

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