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Pre-meeting summaries for the October IASB meeting

  • IASB meeting (blue) Image

12 Oct 2016

The International Accounting Standards Board (IASB) will meet at its offices in London on 18 and 19 October 2016. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. For each topic to be discussed we summarise the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

Tuesday 18 October

In April the IASB considered the general feedback it received on its proposed Practice Statement on materiality. In this meeting it will discuss some of the specific issues raised. Three and a half hours are scheduled.

The Board will continue its discussions on proposed changes to the Conceptual Framework. The topics being discussed are: testing the proposed asset and liability definitions; executory contracts; unit of account; asymmetry in treating gains and losses; and materiality.

Two issues on the planned amendments to the segment reporting requirements, stemming from the post-implementation review of IFRS 8 Segment Reporting, will also be discussed. 

The IASB will also consider the comment period for the Discussion Paper on Principles of Disclosure, the timing of the next interim review of IFRS for SMEs and the planned Feedback Statement on the agenda consultation. 

Wednesday 19 October

The IASB will continue its discussions of the materiality practice statement and the Conceptual Framework, with an additional two hours scheduled for each topic. The IASB has not given any indication of which issues will be discussed on a particular day.

An hour is scheduled for Financial Instruments with the Characteristics of Equity. The focus is on whether economic incentives that are likely to compel an entity to settle an instrument in a particular way should affect whether it is classified as a liability or equity.

The IASB also has a two hour session on implementation issues. It will be asked to ratify an Interpretation on advance consideration in a foreign currency and to propose amendments to how proceeds from testing an asset are recognised. In September the IASB blocked the publication of a draft Interpretation on the interaction between the impairment requirements in IFRS 9 and IAS 28. The staff have brought back a revised proposal to address the matter through an annual improvement. 

The IASB will be given a brief update of its research programme.

Our pre-meet­ing summaries are available on our meeting note page and will sup­ple­ment them with our popular meeting notes after the meeting.

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