The ITCG discussed the following:

• Update on IFRS Taxonomy ac­tiv­i­ties related to certain publications expected to be issued in November.
• Proposed new data model for defined benefit plans.
• Updated on IFRS Taxonomy filing profiles and its future plans for the project.

For more in­for­ma­tion, see the summary on the IASB’s website.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

• Primary financial state­ments (1–15): ASAF members discussed (1) the results of a New Zealand user-needs survey related to alternative performance measures and (2) feedback from the UK Financial Reporting Council’s Discussion Paper Improving the Statement of Cash Flows.
• Rate-regulated activities (16–27): ASAF members received an updated on the Board’s discussion on a possible new accounting model for activities subject to defined rate regulation and identified factors to considered in three areas: (1) nature of the asset, (2) appropriate discount rate to use with discounting is used, and (3) timing of recognition of gain or loss under certain conditions.
• Definition of a business (28–36): ASAF members provided feedback on the Board’s tentative decisions reached at its April and June 2017 meetings.
• Goodwill and impairment (37–51): ASAF members provided views on the following approaches to improve the impairment testing of goodwill: (1) goodwill accretion approach, (2) pre-acquisition headroom approach, and (3) single method.
• Project updates and agenda planning (52–53): ASAF members were updated on the IASB technical projects and how the IASB used the ASAF advice from previous meetings.

A full summary of the meeting is available on the IASB's website.

These recommendations called for action by all relevant stakeholders and included a target of 33% women on FTSE 350 boards and 33% women in FTSE 100 leadership teams (comprising the executive committee and direct reports to the executive committee) by 2020.

This year the recommendations extend the target of 33% women to include FTSE 250 leadership teams by 2020.

The report also highlights a need for step change in pace as, with just under a third of FTSE 350 leadership roles going to women in the past year, this falls short of what is required to achieve the target. The review estimates that 40% of all appointments need to go to women over the next three years to achieve the 33% target.

The data collected shows that there was a minimal increase in the number of women on the combined executive committee and their direct reports in the FTSE 100 during the year (up from 25.1% last year to 25.2% this year).

Better progress was noted for Women on Boards. In the FTSE 100 the number of women on boards was up to 27.7% compared to 26.6% last year. Over a third of the FTSE 350 are already at 33% or more, or ‘on track’ to reach that target by 2020. There are now 10 all-male boards, including two recent additions at the beginning of November 2017.

A press release is available on the BEIS website here. The full report is available on the BEIS website here.  A recent report from Cranfield School of Management is available here.

In the endorsement advice letter to the European Commission, the EFRAG has concluded that IFRIC 23 meets all technical endorsement criteria and is conductive to the European public good. A final en­dorse­ment of IFRIC 17 is currently expected in 2018.

The updated en­dorse­ment status report, dated 6 November 2017, is available here.

Below is an analysis of all changes made to the work plan since our last analysis on 27 October 2017.

Major projects

• A new project Management commentary (Wider corporate reporting) has been added to the IASB's agenda. The aim of the project is to review and update the Management Commentary Practice Statement issued in 2010 to help address the lack of alignment and integration between wider corporate reporting and financial reporting. The next project step will be an exposure draft, however, the Board is still considering the timetable for the publication of the ED.
• Definition of material - feedback on the ED is now expected in February 2018 (was: first quarter of 2018)

Main­te­nance projects

• Improvements arising from the post-implementation review of IFRS 8 — The feedback received on the ED revealed that respondents had mixed views on the proposals, and Board member views were also mixed. It was suggested during the Board's discussions at the November meeting that if the proposals ended up creating more problems, then the Board should consider not finalising them. If it was decided to reject only some of the proposals, the staff should then assess the costs and benefits of proceeding with finalising the remaining proposals. A decision on the project direction is expected in January 2018.

Research projects

• no changes

Other projects

• IFRS Taxonomy update for the annual improvements 2017 — new entry added to work plan. A proposed update is expected in November 2017.

The above is a faithful com­par­i­son of the IASB work plan at 27 October 2017 and at 16 November 2017. For access to the current IASB work plan at any time, please click here.

More in­for­ma­tion about the issues is set out below:

Click to access all our comment letters to the IASB, IFRS Foun­da­tion, and IFRS In­ter­pre­ta­tions Committee.