The 15 minute podcast features discussions of the following topics:

• Primary financial statements
• Wider corporate reporting
• Improvements IFRS 8 Operating Segments
• Dynamic risk management

The podcast can be accessed through the press release on the IASB website. More information on the topics discussed is available through our comprehensive notes taken by Deloitte observers of the November 2017 Meeting.

The new webcast is part of a series on the implementation of IFRS 17 and can be accessed on the IASB website. Earlier webcasts and webinars on IFRS 17 are available through an archive.

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

The amendments address the concerns about how IFRS 9 Financial Instruments classifies particular prepayable financial assets. They become effective for annual periods beginning on or after 1 January 2019, with earlier application permitted.

In order to allow European preparers enough time to implement the amendments before their effective date and possibly together with IFRS 9 (which has an effective date of 1 January 2018), the EFRAG moved uncommonly fast in order to allow sufficient time for feedback on the draft endorsement advice, the final EFRAG endorsement advice now published, the ARC vote (expected in 2018), and final endorsement (aimed for in 2018).

The endorsement advice can be found here and a corresponding press release here (both links to the EFRAG website). Please click here for an updated EFRAG status report.

The proposed Taxonomy Update contains proposed improvements to the IFRS Taxonomy 2017 relating to:

• enhancements to the data model to support consistent tagging of reporting related to continuing and discontinued operations;
• changes to better reflect the disaggregation of disclosures in IAS 19 Employee Benefits; and
• changes to better reflect disclosures in IFRS 7 Financial Instruments: Disclosures relating to the initial application of IFRS 9 Financial Instruments.

Comments on the proposed Taxonomy Update are requested by 29 January 2018.

For more information, see the press release and proposed Taxonomy Update on the IASB’s website.

The Committee discussed six issues, including three new interpretation requests.

Finalisation of draft agenda decisions

The Committee consider the public feedback on a request related to IFRS 3 Business Combinations on the acquisition of a group of assets, and decided to finalise the decision not to add to its agenda. However the IASB will monitor this issue and proactively seek feedback from stakeholders on the significance of the issue after the revised definition of a business takes effect.

Continued discussions

In its September 2017 meeting, the IC tentatively decided to add a project to clarify the meaning of the term ‘unavoidable costs’, which is used in the definition of an onerous contract in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The staff recommended that the clarification be by way of an amendment to IAS 37 and that the scope of the project be limited to clarifying the meaning of ‘unavoidable costs’, and not consider broader issues related to identifying or measuring an onerous contract. The Committee agreed with the Staff’s recommendation but decided to leave open what form the clarification should take until the project is more mature.

In its September 2017 meeting, the IC asked the Staff to research into the scope of a potential narrow-scope amendment to IFRS 1 First Time Adoption of International Financial Reporting Standards with the aim of reducing compliance costs when a subsidiary becomes a first-time adopter later than its parent. The Staff recommended amending IFRS 1 to allow a subsidiary that applies paragraph IFRS 1.D16(a) to measure cumulative translation differences using the amounts reported by the parent based on the parent’s date of transition to IFRS. The Committee supported that recommendation but the Staff will provide further analysis on whether IFRS 1 should require or permit the subsidiary to measure CTD based on the parent’s reported amounts.

New issues

There were three new issues. Two relate to IFRS 15 Revenue from Contracts with Customers:

• Revenue recognition in a real estate contract that includes the transfer of land
• Right to payment for performance completed to date

The third relates to IAS 1 Presentation of Financial Statements and IFRS 9 Financial Instruments:

• Presentation of interest revenue for particular financial instruments

For all three issues the Committee tentatively decided not to add the issue to its agenda. The draft Agenda Decisions will be published in IFRIC Update.

Future items

The Staff are analysing requests received on whether a dual currency bond meets the solely payments of principal and interest condition in IFRS 9; whether an instrument for which the notional amount varies depending on the outcome of a transaction can be a hedging instrument applying IFRS 9; and how the initial recognition exemption in paragraphs 15 and 24 of IAS 12 applies to the recognition of right-of-use assets and lease liabilities arising under IFRS 16.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

The summary is very short as the meeting mainly served as an introduction and offered a short overview over operating procedures.

Please click to access the two page summary on the IASB website.

This remuneration guidance sets out its members’ views on the role of shareholders and directors in relation to remuneration and the manner in which remuneration should be determined and structured.

Updates to the Principles, which have been made due to the “ongoing debate surrounding executive pay as well as the Government’s Corporate Governance reform initiatives” include:

• Updating the section on annual bonus to reflect members’ expectation that bonus targets are disclosed within 12 months of the bonus payment, and that deferral is expected for any bonus opportunity greater than 100% of salary.
• Reorganising the section on long-term incentive schemes to give a clearer picture of members’ attitudes to specific examples of schemes.
• Amending the section on relocation benefits

Additionally the IA has issued a letter to Remuneration Committee chairmen highlighting key aspects of the Principles that its members have asked to be re-emphasised to companies. These areas include:

• Levels of remuneration;
• Remuneration structures;
• Shareholder consultation;
• Pay for performance; and
• Accountability of remuneration committee chairs.

The press release, revised Principles of Remuneration and letter to Remuneration Committee chairmen are available from the IVIS website.

The IPSASB's current cash basis standard was published in January 2003. It establishes requirements for the preparation and presentation of a statement of cash receipts and payments and supporting accounting policy notes. It also includes encouraged disclosures that enhance the cash basis report.

In an exposure draft published in February 2016, the IPSASB proposed to revise certain requirements and to recast them as encouragements. The draft also proposed amendments to ensure that the existing requirements and encouragements of the standard are better aligned with the equivalent accrual IPSAS, unless there is a reason to deviate as a result of adopting the cash basis of accounting.

These proposals have now been finalised and the preparation of consolidated financial statements, the disclosure of information about external and other assistance, and the disclosure of information about payments made by third parties are now voluntary and not longer mandatory.

The new IPSAS takes effect on 1 January 2019, with earlier adoption encouraged. Please click to access the press release and the new IPSAS on the IPSASB website.

The ED contains two approaches for accounting for social benefits, the obligating event approach and an optional insurance approach that is based on the assumption that some social benefits are similar in practice to insurance contracts.

Entities are permitted, but not required, to use the insurance approach where a social benefit scheme meets certain criteria. The ED does not include requirements for the insurance approach, but directs entities to apply relevant international or national accounting standards by analogy. The ED clarifies this to mean IFRS 17 Insurance Contracts or national standards that have adopted substantially the same principles as IFRS 17.

Please click to access the press release on the IPSASB website. The IPSASB's consultation page offers access to the ED and additional background material.

Comments are requested by 31 March 2018.