The consultation paper sets out:

• the IESBA’s vision for the Code of Ethics for Professional Accountants (including International Independence Standards) and the strategic themes that will guide its actions in pursuit of this vision over the strategy period;
• the criteria and key factors that affect the determination of potential actions in the strategy period and the relative priorities of those actions and their timing;
• how the IESBA expects to manage delivery of its strategy and work plan within its given capacity and resources; and
• identified actions, priorities and timing aligned to the strategic themes.

Comments are requested by 16 July 2018.  A press release and full consultation paper are available on the IESBA website.

The European national enforcers of financial information monitor and review financial statements published by issuers with securities traded on a regulated European market and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.

ESMA has developed a confidential database of enforcement decisions taken by individual European enforcers as a source of information to foster appropriate application of IFRS.

The publication of enforcement decisions is designed to inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS, i.e. whether the treatments are considered as being within the accepted range of those permitted by IFRS. ESMA considers the publication of the decisions, together with the rationale behind them, will contribute to a consistent application of IFRS in the European Union.

Topics covered in the latest batch of extracts, covering the period from August 2016 to July 2017, include:

Click for access to the full report (link to ESMA website). The ESMA has also published an updated overview of all enforcement decisions ever published.

The Board will discuss six topics.

Tuesday

Primary Financial Statements

At this meeting the Board will discuss 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 purpose of this session is to provide an update to the Board on the approaches being developed by the staff for BCUCC transactions.  It is an education session, which means that Board members are not being asked to make any decisions.

Wednesday

Goodwill and impairment

The Board will continue its discussions on the goodwill and impairment research project. At this meeting it will be asked whether it wants to change the requirement to recognise all identifiable assets acquired in a business combination separately from goodwill and whether the next stage in the project should be to issue a Discussion Paper or an Exposure Draft.

Dynamic Risk Management [Macro-hedging]

The Board will discuss 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. At this meeting the Board will discuss a general summary of the comments received on the exposure draft to amend the definition of material in IAS 1 and IAS 8. The Board is not being asked to make any decisions.

Implementation

The Board will review the activities of the IFRS Interpretations Committee. The discussion will include concerns raised by respondents about the Committee providing technical responses to highly-specific fact patterns submitted.

More information

Our pre-meeting summaries are available on our April meeting note page and will be supplemented with our popular meeting notes after the meeting.

An agenda with supporting papers can be found on the EFRAG website.

The Monitoring Board's planned activities are organised into two sections:

• Reviewing the Trustees’ oversight of the IASB
  
  • review and comment on the Trustees ́ plan for the review of the IASB ́s due process arrangements
  • continue the dialogue with the Trustees on accounting matters of broad public interest for consideration by the IASB
• Monitoring and conferring with the Trustees on their responsibilities
  • continue its ongoing dialogue with Trustees on the efforts to strengthen the governance framework of the IFRS Foundation
  • follow up of the IFRS Reputation research report
  • discuss the progress and results of the IFRS Foundation’s exercise to identify and evaluate its operational risks
  • continue to review the adequacy and appropriateness of the Trustees’ arrangements for the IFRS Foundation’s funding
  • participate and provide input and help to the IFRS Foundation nomination and approval process for Trustee candidates, including the Chair

The work plan is available on the IASB's website.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. By analysing and discussing potential implementation issues, the TRG will help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. This meeting will be the second meeting where technical matters will be discussed.

The agenda for the meeting is as follows:

Agenda papers for this meeting are available on the IASB's website.

The proposed IFRS convergence amendments reflect the following IASB amendments:

• Annual Improvements to IFRSs 2011 – 2013 Cycle (issued December 2013)
• Disclosure Initiative (Amendments to IAS 7) (issued January 2016)
• Transfers of Investment Property (Amendments to IAS 40) (issued December 2016)
• Annual Improvements to IFRSs 2014 – 2016 Cycle (issued December 2016)
• IFRIC 22 Foreign Currency Transactions and Advance Consideration (issued December 2016)
• Annual Improvements to IFRS Standards 2015 – 2017 Cycle (issued December 2017)
• Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) (issued February 2018)

Please click to access the exposure draft Improvements to IPSAS, 2018 on the IPSASB website. Comments are requested by 15 July 2018.

The IAG will provide a regular forum for the FRC to engage with representatives from across the investment chain on various issues, including its strategy and plan and new policies and standards, on governance, stewardship, reporting and audit matters. The IAG will contribute to the FRC’s work by:

• Sharing perspectives on key opportunities and potential areas of focus for the FRC.
• Sharing perspectives on key areas of concern and emerging risks relating to accounting, reporting, auditing and governance issues.
• Providing input from the investment community on:
  • Auditing, accounting and narrative reporting policy development, including proposed developments to international codes, standards and regulations as appropriate.
  • The UK Corporate Governance Code.
  • The UK Stewardship Code.
  • The FRC strategy and plan.
• Considering and responding to requests for input and advice from the FRC relating to thematic reviews and other ad-hoc projects.

The IAG will meet four times per year and the split of membership will represent a range of investment community participants.

Nominations are requested by 18 May 2018.

A press release and further information are available in the FRC website.  A video is available on the FRC website here.

The newsletter includes project updates on the Lab's ‘Reporting of Performance Metrics’ and ‘Digital Future’ projects. It also highlights other activities of the Lab such as its upcoming ‘Reporting Now’ event.

The full newsletter is available on the FRC website here.

The Board will discuss the following:

• Primary financial statement
• Business combinations under common control
• Goodwill and impairment:
  • Next stage in the research project
  • Recent feedback from CMAC and GPF
• Dynamic risk management:
  • Designation and qualifying criteria
  • The dynamic nature of portfolios
• Disclosure initiative: Comment letter feedback on ED/2017/6 Definition of Material (Proposed amendments to IAS 1 and IAS 8)
• Implementation:
  • IFRIC Update — March 2018
  • IFRIC Update — January 2018
  • Interpretations Committee process

The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries as well as observer notes from the meeting on this page as they become available.