May 2018 IASB meeting notes posted

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25 May, 2018

The IASB met at its offices in London on 22 and 23 May 2018. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

The Board discussed the primary financial statements project, focusing on aggregation and disaggregation of line items in the financial statements, criteria to help entities determine whether to analyse expenses by function or by nature and some remaining issues in relation to management performance measures (MPMs) and earnings per share (adjusted EPS) from the April 2018 Board meeting.

The Board had an initial discussion of establishing guidance for it to use when developing and drafting disclosure objectives and requirements.

The Board considered the staff analysis of Business Combinations under Common Control and what they describe as the Full Fair Value and Ceiling approaches.

The Board supported the staff recommendation to measure rate-regulated assets on a basis that reflects estimates of the future cash flows arising from the assets, updated if necessary, and discounted if there is a significant financing component.

The Board was asked to decide the form of consultation document that should be issued as the next step in the project on goodwill and Impairment. The Board had asked the staff to provide it with some additional analysis when it considered this in April. However, the Board deferred that decision again and asked the staff to bring back the alternative solutions and a strategy.

The Board decided to propose an amendment (in the next Annual Improvements cycle) to an illustrative example in relation to lease incentives that is included in the material accompanying IFRS 16 Leases.

The Board was given a summary of the Insurance Contracts Transition Resource Group meeting held on 2 May and a report on implementation challenges.

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

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