Under the exemption, an investor must obtain advice regarding the suitability of the investment from an investment dealer. This is a key condition for investor protection, as the investment dealer must meet its know-your-client and know-your-product obligations when determining the suitability of the investment.

Review the press release on the ASC's Web Site.

The IAASB released a companion document, Overview of the ITC, which summarizes the key areas the IAASB is exploring and the direction it may take.

The IAASB’s Framework for Audit Quality, issued in 2014, explains the important role of auditors and their firms—as well as other stakeholders—in audit quality, and the contextual factors that affect it. It is an important reference document for this consultation.

Download the Invitation to Comment from the IAASB's Web site.

Two projects have been added to the work plan:

1. Annual improvements 2015–2017
2. Remeasurement of previously held interests — obtaining control or joint control in a joint operation that constitutes a business

Next steps of several projects have been updated.

The updated IASB work plan is avail­able on the IASB's Web site.

The following changes have been made:

1. the new IFRS on insurance contracts is not expected until 2016;
2. an exposure draft on changes in accounting policies and estimates (disclosure initiative) will also be delayed to 2016;
3. discussion papers on macro hedging and on rate-regulated activities are not to be expected before 2016;
4. the IASB expects to issue final amendments on the implementation projects on the unit of account (expected not before 2016) and on the recognition of deferred tax assets for unrealized losses (late 2015 or early 2016); and
5. instead of finalizing the project on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture the IASB intends to issue an exposure draft proposing to defer the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12.

The revised IASB work plan is available on the IASB's Web site. The IASB has also published a work plan guide that explains the new presentation format.

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

The PIR report assessed in­for­ma­tion gathered from academic lit­er­a­ture as well as feedback from investors and other financial statement users and preparers, auditors, and reg­u­la­tors. It showed general support for the “usefulness of reported goodwill, other intangible assets and goodwill impairment.” However, views were mixed on certain elements of the standard.

On the basis of the PIR report, the IASB added to its agenda two research projects that will focus on:

• Effectiveness and complexity of testing goodwill for impairment.
• Subsequent accounting for goodwill.
• Challenges related to applying the definition of a business.
• Identification and fair value measurement of intangible assets such as customer relationships and brand names.

For more information, see the press release and the PIR report on the IASB’s website.

ED/2015/3 Conceptual Framework for Financial Reporting explains that the Conceptual Framework's primary purpose is to assist the IASB in developing and revising IFRSs (even though it may be useful to parties other than the IASB) and that the framework does not override any specific IFRS. Should the IASB decide to issue a new or revised pronouncement that is in conflict with the framework, the IASB will highlight the fact and explain the reasons for the departure going forward.

ED/2015/4 Updating References to the Conceptual Framework contains proposed amendments to IFRS 2, IFRS 3, IFRS 4, IFRS 6, IAS 1, IAS 8, IAS 34, SIC-27 and SIC-32 in order to update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. As the Conceptual Framework will mainly affect the IASB and its work while the proposals regarding the other pronouncements could also affect preparers, the IASB considers granting a transition period of approximately 18 months for the amendments proposed in ED/2015/4 in order to give preparers time to identify, understand and adjust to possible implications.

The IASB allows constituents an extended six months period to work their way through the document and to respond to the questions raised; hence, comment letters are to be submitted by October 26, 2015. The IASB will consider the comments received when developing the final version of the revised Conceptual Framework. The IASB aims to finalize the revised Conceptual Framework in 2016.

Download:

• ED/2015/3 Conceptual Framework for Financial Reporting
• Basis for Conclusions for ED/2015/3
• IASB Snapshot introducing the ED/2015/3
• ED/2015/4 Updating References to the Conceptual Framework

Please click to download the paper from the ASBJ website.

Jongsoo Han, a board member of the Korea Accounting Standards Board (KASB) and Vice-President of the Korea Accounting Association, and Robert Uhl, a US-based Partner and National Director of Accounting Standards and Communications at Deloitte & Touche LLP, have both been appointed for a three-year term, commencing July 1, 2015. Mr. Uhl had already been appointed to the Committee in an interim capacity until June 30, 2015 in December 2014 following the departure of Laurence Rivat. In addition to the new appointments, John O’Grady and Sandra Peters have been reappointed to serve a second three-year term on the Committee, also commencing in July 2015.

Please click for the IFRS Foundation announcement (link to IASB website).