IASB Meeting — 14 and 15 November 2018

Start date:

End date:

Location: London

IASB (International Accounting Standards Board)



The IASB met on Wednesday 14 and Thursday 15 November 2018.

The Board decided to propose an amendment to defer the effective date of IFRS 17 Insurance Contracts (and the related temporary exemption to IFRS 9 Financial Instruments) by a year.  

In the Primary Financial Statements discussion the Board decided that EBITDA not be a required sub-total but that more research was necessary before it could decide whether, or how, to define it as “operating profit before depreciation and amortisation.”  The Board also decided to develop non-mandatory illustrative examples to accompany a revised IAS 1 Presentation of Financial Statements, remove the requirement in IAS 1:82(b) to present “finance costs” in the statement(s) of financial performance and clarify how the minimum line items are presented.

The Board discussed three implementation issues. The Board decided to proceed with the amendments to IAS 16 Property, Plant and Equipment, with some modifications, rather than support the staff recommendation that the proceeds continue to be deducted from the cost of the asset. The Board decided not to start a project on accounting for cryptocurrencies or ICOs, but they will continue to monitor developments in these areas. The Chairman used his casting vote to ask the IFRS Interpretations Committee to consider issuing an Agenda Decision on the accounting for cryptocurrency holdings. The Board decided that the Exposure Draft proposing amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets in relation to costs of fulfilling a contract also propose that early application be permitted.

The staff explained how they expect to manage the Management Commentary project using three work streams. The Board discussed the recommended objective of management commentary.

The Board decided to make some small changes to the proposed amendments to IAS 1 in relation to Classification of Liabilities as Current or Non-current.

The Board decided to update a reference to the Conceptual Framework in IFRS 3 Business Combinations

The proposed model for Rate-regulated Activities supplements the information provided by applying current IFRS Standards. The Board discussed how the proposed model interacts with those other Standards. The Board also supported the recommendations about what information should be presented about rate-regulated activities, except for one related to OCI.


Agenda for the meeting

Wednesday 14 November 2018

  • IFRS 17 Insurance Contracts — Implications of exploring amendments to IFRS 17 for effective dates
  • Primary financial statements
    • EBITDA (Earnings before interest, tax, depreciation and amortisation)
    • Templates or Examples
    • Minimum line items
  • Implementation
    • Property, Plant and Equipment: Proceeds before intended use (Amendments to IAS 16)
    • Cryptocurrencies
    • Onerous Contracts: Cost of Fulfilling a Contract (Amendments to IAS 37)
  • Management commentary

Thursday 15 November 2018

  • Classification of liabilities as current or non -current (Amendments to IAS 1)
  • Updating a reference to the Conceptual Framework (Amendments to IFRS 3)
  • Rate-regulated activities
    • Interactions between the model and IFRS Standards
    • Presentation
    • Disclosure objectives and requirements
    • Illustrative disclosures

Agenda papers for this meeting are available on the IASB's website.

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