September 2018 IASB meeting notes posted

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27 Sep, 2018

The IASB met on Wednesday 19 and Thursday 20 September 2018. The major sessions focused on Dynamic Risk Management and Primary Financial Statements. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

The Dynamic Risk Management discussions focused on Imperfect Alignment and Change in Risk Management. The Board is aiming to have its core model developed some time in the first half of 2019.

For Primary Financial Statements the Board discussed the scope of proposals for subtotals in the statement of profit or loss; unusual or infrequent items; and presentation of the results of integral and non-integral associates and joint ventures in the statement(s) of financial performance. The Board decided to move the project from the research programme into the standard-setting programme.

The Board decided to start preparing the Exposure Draft of an amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to clarify the meaning of the term ‘unavoidable costs’ in the definition of an onerous contract.

The Board approved the internal guide it will use for setting and drafting disclosure requirements.

The Board is returning to its narrow-scope proposal to amend IAS 1 Presentation of Financial Statements to clarify when the discretion to refinance or roll over an obligation affects its classification as current or non-current. It plans to focus on making a separate amendment rather than incorporating it with IAS 1 changes that are expected to come from the Primary Financial Statements project.

The Staff also updated the Board on the Research Programme. The staff are planning to start discussions with the Board on Extractive Activities in 2019.

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

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