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Summary of March GPF meeting now available

  • GPF meeting (mid blue) Image

06 Apr 2016

Minutes of the meeting of the Global Preparers Forum (GPF) with representatives of the International Accounting Standards Board (IASB) held in London on Wednesday, 2 March 2016 are now available.

The topics discussed at the meeting included:
  • IASB Update — A discussion of the IASB's February 2016 meeting, major recent staff changes, and the current stage of the Agenda Consultation.
  • Update on implementation activities — An update on the Board's activities to support the implementation of IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.
  • Disclosure Initiative: Principles of Disclosure Discussion Paper — The staff sought feedback on possible approaches to the Board's drafting of its disclosure requirements and provided an update about the progress of the overall Disclosure Initiative.
  • Preparers’ experience with improving effectiveness of disclosures — GPF members broke into groups and shared their experiences in improving the effectiveness of disclosures and removing unnecessary disclosures. A public feedback session was held to summarize the results of the individual breakout groups. 
  • IFRS 2 Share-based Payment — A discussion to identify the main application issues that arise in applying IFRS 2.
  • Improvements to the impairment requirements in IAS 36 — The staff sought the views of GPF members on improving the disclosure requirements about goodwill and impairment to provide better and more timely information to users of financial statements.
  • Rate-regulated activities — The IASB staff sought input from GPF members to help inform future discussions with the Board about how to (1) define ‘performance’ within the context of defined rate regulation, and (2) identify which activities should lead to the recognition of revenue.
The next meeting will be a joint GPF and Capital Markets Advisory Committee (CMAC) meeting. It will be held on 15–16 June 2016.

The agenda papers and full meeting summary for the March meeting are available on the IASB's website.

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