The topics discussed at the meeting included:

• Extractive activities:
  • Proposed scope of the research project
  • Additional disclosures: (1) minerals and resources and (2) other disclosures.
• Financial instruments with characteristics of equity:
  • Presentation of equity instruments
  • Presentation of financial liabilities — presentation of income and expenses arising from particular financial liabilities in other comprehensive income
• Targeted standards-level review of disclosures:
  • IAS 19 Employee Benefits
  • IFRS 13 Fair Value Measurement
• IAS 37 Provisions, Contingent Liabilities and Contingent Assets:
  • Aligning liability definition and guidance with the Conceptual Framework
  • Clarifying which costs to include in the measure of a provision
  • Specifying whether discount rate includes own credit risk
• Management commentary practice statement:
  • Challenges in current practice of reporting performance and position in management commentary
  • The interaction between management commentary and other reports
  • Overview of performance and position
  • Forecasts and targets in management commentary
  • Information about tax in management commentary
• Business combinations under common control

The next CMAC meeting will take place on 13–14 June 2019.

Review the press release, meeting page and meeting summary on the IASB's website.

The topics discussed at the meeting included

• IASB update
• SMEs that are subsidiaries — Application advice in individual jurisdictions
• Onerous contracts — Costs of fulfilling a contract (proposed amendments to IAS, 37 Provisions, Contingent Liabilities and Contingent Assets)
• Provisions
• Management commentary
• Disclosure initiative — Targeted Standards-level review and user outreach summary

Review the press release and meeting summary on the Board's website.

Review the frequently asked questions on the IIRC's website.

Below is an analysis of all changes that were made to the work plan since our last analysis on March 21, 2019.

Standard-setting projects

• No changes.

Maintenance projects

• The following exposure drafts are now expected in June 2019 (formerly Q2 2019):
  • Amendments to IFRS 17 Insurance Contracts
  • Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)
  • Fees in the ‘10 per cent’ Test for Derecognition (Amendments to IFRS 9)
  • Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)
  • Subsidiary as a First-time Adopter (Amendments to IFRS 1)
  • Taxation in Fair Value Measurements (Amendments to IAS 41)
  • Updating a Reference to the Conceptual Framework (Amendments to IFRS 3)
• Disclosure Initiative—Accounting Policies — An Exposure Draft is expected in Q3 2019 (formerly H2 2019).
• Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) — Exposure Draft feedback is expected in May 2019 (formerly Q2 2019).

Research projects

• Extractive Activities — The review of research is now expected in H2 2019 (no date given before).

Other projects

• Due Process Handbook Review — An Exposure Draft is expected in June 2019 (formerly Q2 2019).
• The following projects were removed from the work plan, as the 2019 IFRS XBRL taxomomy was issued in March 2019:
  • IFRS Taxonomy Update—2018 General Improvements
  • IFRS Taxonomy Update—Common Practice (IFRS 13)

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

Not yet reflected in the work plan are two announcements made by the staff during the update on the research programme at the April 2019 meeting:

• The staff expect to start work on the PIR of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities in Q2 of 2019.
• The staff also expect to start work on the pipeline project on the Equity Method in Q2 or Q3 of 2019 because there is some overlap with some of the issues that will be considered in the PIR of IFRS 11.

The podcasts include:

In-Brief podcast – The new approach to quality management and how it can benefit you

• This podcast and podcast script provides a plain and simple overview of the components of the system of quality management, and how the new risked-based approach in ISQM 1 can benefit you.

In-Brief podcast – Key highlights of the AASB’s Exposure Draft on quality management at the firm and engagement level

• This podcast and podcast script provides a plain and simple overview of the key highlights of the AASB’s Exposure Draft on Quality Management at the Firm and Engagement Level.

The topics discussed at this meeting include:

• Implementation issues
• Investment components within an insurance contract
• Reporting on other questions submitted to the IASB Transition Resource Group for IFRS 17

Review the summary on the AcSB's website.

The podcast discusses the meeting of the Transition Resource Group (TRG) for Insurance Contracts on April 4, 2019 and the IASB discussion of possible amendments to IFRS 17 on April 9, 2019. The IASB's discussion considered some of the TRG findings.

The 10-minute podcast can be accessed on YouTube.

Review the press release on the IASB's website.

This issue features:

• Spotlight — Crypto-assets: The standard-setting perspective
• Preview — The Essentials: Analysing lessee financial statements and Non-GAAP performance measures
• We need your views
• Stay up to date
• Resources for investors

The Investor Update newsletter is available on the Board’s website.

The Board discussed the following topics and questions:

• Sweep issues. The Board discussed additional stakeholder concerns relating to IFRS 17 (and IFRS 9) that have arisen in the project on the amendments to IFRS 17. On the effective date of the proposed amendments to IFRS 17, the staff recommended that the effective date is aligned with that of IFRS 17. On all other issues, the staff recommended that the Board not undertake any further action. The Board agreed unanimously with the staff recommendations.
• Annual improvements.
  • The Board discussed a number of minor changes the staff have become aware of through the ongoing implementation activities on IFRS 17 that would fall within the scope of the annual improvements process. There were some questions by the Board and additional clarifications will be added to the wording proposed by the staff. The Board agreed unanimously to include these changes in the forthcoming exposure draft.
  • The Board also agreed to include the minor changes to IFRS 17 identified as candidates for the annual improvements process in June 2018 in the forthcoming exposure draft.
• Overview of the amendments to IFRS 17. The Board was provided with an overview of all the amendments to IFRS 17 that the Board has tentatively decided to propose, the likely effects of the proposed amendments to IFRS 17, and a cost-benefit analysis for all amendments. This part of the session was educational in nature, and no vote was taken.
• Due process steps and permission for balloting.
  • The Board was asked to confirm its tentative decisions from the November 2018 meeting relating to the mandatory effective date of IFRS 17 and the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9. The Board confirmed that it wants to propose deferring the effective dates (unanimous vote).
  • The Board was asked to confirm that it wishes to proceed with an exposure draft to amend IFRS 17. The Board confirmed that it is satisfied that it has complied with the applicable due process steps and that it should begin the balloting process for the exposure draft (unanimous vote).
  • No Board member indicated a planned dissent at this stage.

The staff will now begin drafting the exposure draft, which it expects to issue by the end of June 2019. The comment period will be discussed at the May 2019 Board Meeting after obtaining permission from the Due Process Oversights Committee for a reduced comment period.

Review the agenda paper on the Board's website.

The AASB proposes, subject to comments received following exposure, to adopt with appropriate amendments:

• proposed International Standard on Quality Management (ISQM) (formerly International Standard on Quality Control (ISQC)) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
• proposed new ISQM 2, Engagement Quality Reviews;
• proposed International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements;

and related conforming and consequential amendments.

Review the Exposure Draft on the AASB’s web­site.