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April

Updated IASB work plan — Analysis

30 Apr 2018

Following the IASB's April 2018 meeting, we have analysed the IASB work plan to see what changes have resulted from the meeting and other developments in April.

Below is an analysis of all changes made to the work plan since our last analysis on 23 March 2018.

Main­te­nance projects

Standard-setting projects

Research projects

The above is a faithful com­par­i­son of the IASB work plan at 23 March 2018 and at 30 April 2018. For access to the current IASB work plan at any time, please click here.

BEIS consults on reforming limited partnership law

30 Apr 2018

The Department for Business, Energy and Industrial Strategy (BEIS) has published a consultation on new proposals to strengthen and update the legal framework governing Limited Partnerships.

Chapter four of the consultation seeks views on whether reporting requirements for limited partnerships should be increased and brought more into line with those currently required of limited companies.

Comments are requested by 23 July 2018.

The full consultation is available on the BEIS website.

April 2018 IASB meeting notes posted

27 Apr 2018

The IASB met at its offices in London on 24 and 25 April 2018. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

The Board discussed the following topics:

Tuesday 24 April

Primary Financial Statements

The Board discussed clarifying the requirements for management performance measures (MPMs) and requirements for management-defined adjusted earnings per share (adjusted EPS) in the financial statements.

Business Combinations under Common Control

The staff updated the Board on the approaches they are developing for BCUCC transactions.

Wednesday 25 April

Goodwill and impairment

The Board decided not change the requirement to recognise all identifiable assets acquired in a business combination separately from goodwill. The Board did not decide whether the next stage in the project should be to issue a Discussion Paper or an Exposure Draft, but instead asked the staff to consider this matter further and bring a new paper to a future meeting.

Dynamic Risk Management [Macro-hedging]

The Board discussed qualifying criteria for the financial liabilities used to determine an entity’s target profile, the designation and de-designation of financial liabilities within the Dynamic Risk Management (DRM) model and corresponding documentation requirements.

Disclosure Initiative – Definition of Material

In 2017 the IASB published a proposal to amend the definition of material in IAS 1 and IAS 8. The comment period closed in January 2018. The Board discussed a general summary of the comments received. The Board supported continuing to develop the amendments.  

Implementation

The Board reviewed the activities of the IFRS Interpretations Committee. The discussion include concerns raised by respondents about the Committee providing technical responses to highly-specific fact patterns submitted. Overall, the Board is comfortable with the approach the Interpretations Committee is taking.

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

IOSCO issues a consultation report on good practices for audit committees in supporting audit quality

27 Apr 2018

The International Organisation of Securities Commissions (IOSCO) has issued a consultation report inviting stakeholder feedback on its proposals for good practices for audit committees of issuers of listed securities in supporting external audit quality.

The report proposes features that an audit committee should have to be more effective in promoting and supporting audit quality. These features include the qualifications and experience of audit committee members, their level of knowledge in the field of financial reporting and audit, whether they have questioning minds and appropriately challenge management and auditors and whether the audit committee has adequate capacity and resources.

The report also includes a number of good practices that audit committees may consider when:

  • recommending the appointment of an auditor to members/shareholders;
  • assessing potential and continuing auditors;
  • assessing audit fees;
  • facilitating the audit process;
  • communicating with the auditor;
  • assessing auditor independence; and
  • assessing audit quality.

Comments are requested by 24 July 2018.

A press release and the full report are available in the IOSCO website.

EFRAG publishes April 2018 update of 'EFRAG Update'

27 Apr 2018

The European Financial Reporting Advisory Group (EFRAG) has published an 'EFRAG Update' summarising public technical discussions held and decisions made during April 2018.

Summary of the March 2018 GPF meeting

27 Apr 2018

Representatives of the IASB met with the Global Preparers Forum (GPF) in London on 6 March 2018. Notes from the meeting have now been released.

The topics discussed at the meeting included:

  • IASB and IFRIC update. Members discussed management commentary, primary financial statements, and project overlap. The IASB staff also provided an update on how GPF members’ feedback was used.
  • Principles of disclosure. The staff discussed feedback from the discussion paper and potential next steps with the GPF members. Specifically, GPF members discussed addressing the disclosure problem, relative prioritisation of six topics included in the discussion paper, and the effect of technology and digital reporting on the project.
  • Primary financial statements. GPF members discussed management performance measures and management-defined earnings per share as well as the presentation of the share of profit or loss of associates and joint ventures accounted for using the equity method in the statement of performance.
  • Goodwill and impairment. The GPF members discussed simplifying the identification of intangible assets acquired in a business combination separately from goodwill as well as improving the effectiveness of impairment testing of goodwill by using the unrecognised headroom of a cash-generating unit as an additional input in the impairment testing of goodwill.

The next GPF meeting will be held on 14 and 15 June 2018 jointly with the Capital Markets Advisory Committee (CMAC).

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

IASB Vice-Chair reappointed for second term

26 Apr 2018

The Trustees of the IFRS Foundation have reappointed Sue Lloyd for a second term as Vice-Chair of the Board.

Ms Lloyd’s second term will begin on 1 January 2019 and will last for five years. For more information, see the press release on the IASB’s website.

QCA publishes a revised version of its Corporate Governance Code

26 Apr 2018

The Quoted Companies Alliance (QCA) has published a revised version of its Corporate Governance Code.

The QCA Corporate Governance Code is tailored to meet the needs of small and mid-size quoted firms. It is referred to by a substantial number of AIM companies on their websites, and is also used by a number of privately-owned companies.

Since its initial release in 2013, it has become a valuable reference for growing companies wishing to follow good governance practice. It serves as a practical outcome-oriented approach to corporate governance for those quoted companies in the UK not obliged to apply the Financial Reporting Council's (FRC's) UK Corporate Governance Code under the Listing Rules.

The revised version includes 10 corporate governance principles that companies should follow, and step-by-step guidance on how to effectively apply these principles.

You can access the QCA Corporate Governance Code here. It is freely available to QCA members – payment of a fee is required for non-members.  Our related Governance in brief publication is available here.

Agenda for the May 2018 IFRS Interpretations Committee meeting

26 Apr 2018

The IASB's IFRS Interpretations Committee will be meeting by video conference call on 9 May 2018.

The Committee will continue discussions on one issue, consider one new issue and discuss the Committee's work in progress.

The full agenda for the meeting can be found here. We will update this page for any changes to the agenda, our pre-meeting summaries and our Deloitte observer notes from the meeting as they become available.

IFRS Foundation Trustees seek to fill Advisory Council vacancies

25 Apr 2018

The Trustees of the IFRS Foundation are calling for candidates to fill vacancies occurring at the end of 2018 for membership to the IFRS Advisory Council.

The terms of 15 current members will be completed on 31 December 2018. Of those 15 current members, eight are eligible for reap­point­ment. New members would serve two or three-year terms, starting on 1 January 2019, renewable once.

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

Correction list for hyphenation

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