There are nine topics on the agenda.

Tuesday 18 June

The meeting starts in the afternoon with feedback on outreach the IASB staff have undertaken with investors and analysts in relation to the recently issued IFRS 17 Insurance Contracts.

The Board will discuss feedback on two of the proposed amendments included in the Annual Improvements to IFRS Standards 2015–2017 Cycle related to IAS 12 Income Taxes and IAS 23 Borrowing Costs. They will also discuss a possible amendment to IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.

The day finishes with a session on Disclosure Initiative: Materiality Practice Statement. The staff are responding to comments received as a result of an external review of the draft practice statement. This session was originally scheduled for discussion in June.

Wednesday 19 June

The morning session is devoted to the proposed amendment to IFRS 9 on prepayment features with negative compensation. The Board will continue to discuss the feedback from comment letters. The staff are asking the Board to finalise the amendments, but with an effective date of 1 January 2019, rather than the originally proposed 1 January 2018, with earlier application permitted.

In the afternoon the Board will continue its discussions on rate-regulated activities, focusing on control and matching; and recognition and uncertainty.

The meeting concludes with another education session on possible revisions to the assessment of goodwill impairment, mainly focusing on feedback from outreach.

More information

Our pre-meeting summaries are available on our July meeting note page and will be supplemented with our popular meeting notes after the meeting.

The present mandate period of eight of the sixteen EFRAG TEG members expires on 31 March 2018 with six of the eight eligible for reappointment while two have reach their maximum term limits. The EFRAG is looking for a candidates from a wide range of backgrounds and geographic origins and prefers all candidates’ submissions to occur by 9 October 2017.

For more information, see the press release on the EFRAG’s Web site.

The Board will discuss the following:

• Insurance contracts
• IFRS implementation issues
• Disclosure initiative: Materiality practice statement
• IFRS 9 - Prepayment features with negative compensation and modification of liabilities
• Rate-reg­u­lated ac­tiv­i­ties (education session)
• Goodwill and impairment (education session)

The full agenda for the meeting can be found here. We will post any updates to the agenda, our com­pre­hen­sive pre-meet­ing summaries as well as observer notes from the meeting on this page as they become available.

For more in­for­ma­tion, see the press release on the EFRAG’s website.

The report, which responds to calls from businesses to make the calculation of corporation tax simpler, specifically looks at:

• Simpler tax for smaller companies.
• Aligning the tax rules more closely with accounting rules.
• Simplifying tax relief for capital investment.
• Specific issues affecting the largest companies.

For smaller companies the report recommends:

• That accounting profit prepared under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime be used as the taxable profit without any adjustments.
• For those smaller companies not able to apply FRS 105, the tax calculation should be simplified to require “only a minimum number of essential adjustments to accounting profit”.

For larger companies the report recommends improvements in a number of technical areas in the context of promoting stability and certainty in the corporation tax system.

The press release and full report are available on the OTS website.

The role of the Financial Reporting Advisory Board (FRAB) is “to ensure that government financial reporting meets the best possible standards of financial reporting by following Generally Accepted Accounting Practice (GAAP) as far as possible”.  The FRAB includes representatives from the accountancy profession in the private and public sectors, academia and government bodies.  The board meets regularly to consider proposed changes to policy and practice. 

Key topics discussed during the meeting included:

• Updates on IFRS 9 Financial Instruments, IFRS 16 Leases and IFRS 15 Revenue from Contracts with Customers
• An update on European Public Sector Accounting Standards (EPSAS).
• Whole of Government Accounts 2015-16
• The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) 2018/19 Code of Practice on Local Authority Accounting in the UK 

Click here for detailed minutes and other supporting documents on HM Treasury website.

The updated agenda for the meeting is sum­marised below:

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

EFRAG supports the IASB proposals; however, EFRAG does not believe the definition for ‘testing’ is needed since the proposed amendments “do not distinguish between net proceeds from selling items produced during the testing phase from any other proceeds prior to the item of property, plant and equipment being available for use.”

Comments on EFRAG's draft comment letter are requested by 13 October 2017. For more in­for­ma­tion, see the press release and the draft comment letter on the EFRAG website.

We generally agree with the clarifications to IFRS 8 but have concerns with the practicability of certain proposed requirements and developments in technology which chief operating decision makers have access to.

Please click to access the full comment letter.

The questionnaire that can be completed until 30 September 2017 was developped following a request for technical advice from the European Commission. The information collected will be used in later phases of the project.

More Information on the background and objective of the public consultation is provided in the press release on the EFRAG website. The survey can be accessed through the press release.