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.

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.

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.

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.

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.

Member State Implementation of the Directive 2014/95/EU, developed by CSR Europe and the Global Reporting Initiative (GRI) with the support of Accountancy Europe, provides a high-level overview of the similarities and differences in national transposition of the Directive on disclosure of non-financial and diversity information across Europe – including scope, reporting features, auditor’s involvement and fines.

Following a general introduction into the background, requirements, and options of the Directive, the publication offers a table with the overview of the transposition (p. 10) and country profiles for all EU member states as well as Iceland and Norway (pp. 16 ff.).

Please click to access the publication on the Accountancy Europe website.

EFRAG does not support the proposals in the ED. EFRAG disagrees with introducing a distinction between voluntary changes in accounting policies resulting from agenda decisions and other voluntary changes as EFRAG considers that the proposals in the ED raise broader questions about the status and the objectives of agenda decisions. EFRAG also considers that the proposals in the ED may give rise to practical challenges if finalised in their current form.

Comments on EFRAG's draft comment letter are requested by 13 July 2018. For more information, see the press release and the draft comment letter on the EFRAG website.

In October 2017 the International Accounting Standards Board (IASB) published Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) to clarify that an entity applies IFRS 9 Financial Instruments including its impairment requirements to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.

EFRAG recommends the endorsement of the amendments. EFRAG’s assessment is that the amendments meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.

EFRAG also considers that the overall benefits of the amendments are likely to outweigh the associated costs to implement them.

A press release and the endorsement advice letter to the European Commission are available on the EFRAG website.  EFRAG has also updated its endorsement status report.

In her paper, she discusses the following:

• IFRS 9 on long-term investment.
• Reporting value changes in profit or loss gives better information about value creation over time.
• Recycling can provide a confusing presentation of performance.
• Debt investments are different.
• Prohibiting recycling avoids complexity related to impairment.
• Developing a new impairment model for equity investments is not an easy task.
• Prevalence of available for sale equity investments applying IAS 39.

Ms Lloyd’s paper is available on the IASB’s website.

One of the awards is for ‘Communicating integrated thinking’, and is open to organisations that are demonstrating clearly, through communicating to their providers of financial capital, how sustainability is embedded into their overall strategy and decision making process, and how this integrated thinking is contributing to a sustainable business model which delivers longer term value.

Founded by Institute of Chartered Accountants in England and Wales (ICAEW) and The Prince’s Accounting for Sustainability Project (A4S) and, for the second year, in partnership with Deloitte, the global awards recognise financial leadership in developing sustainable business models that deliver long-term shareholder value.

Finance for the Future’s key ambition is to share best practice as well as create and develop a community of thought leaders and recognised experts in this field.  The programme spans a year of activity with opportunities for linking with a community of sustainable finance leaders, sharing ideas and best practice through case studies, and culminating in an awards celebration evening and interactive networking reception.

Past winners and finalists include The National Trust, Coca Cola Hellenic, SSE, United Utilities, Novo Nordisk, Unilever, M&S, Adnams, Sussex Community NHS Trust and the Crown Estate.

Find out more information about the Awards, including details on the judging process and how to enter (by end of May), as well as interviews with last year’s winners at www.financeforthefuture.org