This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

March 2018 IASB meeting notes posted

  • IASB meeting (blue) Image

22 Mar 2018

The IASB met at its offices in London on 21 and 22 March 2018. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

The board discussed the following topics:

Wednesday 21 March

Disclosure Initiative

The Board continued its discussion of the feedback on the Principles of Disclosure Discussion Paper. The Board unanimously approved all the staff recommendations on the next steps in the project. The Board have therefore categorised topics into those that they think are directly related to improving disclosures in financial statements, topics that they think are more relevant to the Primary Financial Statements project, topics that are unlikely to be contributing to the disclosure problems, those that can be dealt with separately from the main disclosure problem and topics that the DP did not address that the Board will now consider further.    

Thursday 22 March

Dynamic Risk Management [Macro-hedging]

The Board decided that target profile represents the objective that management is working towards for a given asset profile unanimously and that the notionals of the asset profile and the target profile are required to be the same, but not the tenors.

Rate-regulated Activities

The Board supported the direction the staff are taking towards the definition of defined rate regulation (which sets the scope for the eventual new Standard) and also supported the criteria for recognising regulatory assets and regulatory liabilities.

Accounting Policies and Accounting Estimates

The Board discussed a summary of the comments received on the exposure draft to clarify the definitions of an accounting policy and an accounting estimate. No decisions were made.

IFRS 8 Operating Segments

The Board considered a revised package of amendments but decided that they would not bring sufficient improvements to justify proceeding with them (or any amendments) at this time.

Board members were concerned about how this decision would be communicated. It will need to be emphasised that many of the concerns that were identified when the PIR was undertaken in 2012 have been worked through by preparers. By deciding not to proceed with these minor amendments the Board is responding to these changed circumstances. The Board also noted that the work from the PIR and exposure draft would not be lost. If the FASB’s work leads the IASB to consider making changes to IFRS 8 in relation to aggregation, these amendments could be considered at that time. It is just that the Board could not justify making the amendments on their own.

Post-implementation review of IFRS 13 Fair Value Measurement

The Board decided that the PIR provided evidence that IFRS 13 is working as intended. The Board also decided that feedback on disclosure issues should be considered in the Principles of Disclosure project, and aggregation in the Primary Financial Statements project. The Board and staff will liaise with the valuation profession on guidance the valuation profession could provide on areas identified in the PIR. The Board decided to conclude the PIR and not to propose any changes to IFRS 13.   

Management Commentary

The IASB is updating its Management Commentary Practice Statement. Board members said that the Practice Statement should address long-term value creation, linkage and providing context to the current performance. The Board plans to be cautious about the language it uses in communicating about the project and how it fits into broader corporate reporting. Applications for the IASB’s consultative group on this project close on 20 April 2018.

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.