Capital Markets Advisory Committee October 2013 meeting update

  • CMAC (Capital Markets Advisory Committee) (mid blue) Image

21 Nov, 2013

The IASB has made available recordings of the discussions for the Capital Markets Advisory Committee (CMAC) 17 October 2013 meeting which was held in London. A detailed summary of the meeting will be provided by the CMAC at a later date.

The topics discussed at the meeting included:

  • Conceptual framework. The CMAC discussed aspects of the conceptual framework discussion paper concerning profit or loss/other comprehensive income, liabilities/equity and prudence/stewardship/reliability.
  • Disclosure initiative. The CMAC discussed the need for disclosures on ‘net debt’. They decided that although it is an important issue, it should not be considered as part of the amendments to IAS 1.
  • Leases. The CMAC agreed that assets and liabilities should be recognised for all leases that last longer than 12 months on a lessee’s balance sheet to improve financial reporting. Also, most of the members supported the proposed changes to lessor accounting model.
  • IFRS 3: Post-implementation review. The CMAC discussed the investors’ prospective to the business combinations guidance. Main discussion points centered on disclosures, goodwill and intangibles, and other concerns.
  • Appointment of new members. The CMAC extended Jane Fuller term for one more year and appointed seven new members.

Click for more information (link to IASB website).

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