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Pre-meeting summaries for the July IASB meeting

  • IASB meeting (blue) Image

19 Jul 2019

The IASB is meeting on Monday 22, Wednesday 24 and Thursday 25 July 2019. On Tuesday 23 July the IASB and US FASB will meet together in public. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. For each topic to be discussed, we summarise the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

IBOR Reform: The staff will summarise the feedback from comment letters and discuss additional issues for consideration before finalising the proposed amendments. The IASB plans to hold an additional meeting in late August to discuss the project.

Classification of Liabilities as Current or Non-current: The Board will consider liabilities with equity-settlement features as well as transition and early application requirements.

Primary Financial Statements: The Board will discuss potential amendments to IAS 34, whether to include special provisions for management performance measures and subtotals that are similar to gross profit, how to classify interest and dividends in the statement of cash flows and how earnings per share should reflect management performance measures. The staff are also asking for permission to begin preparing the Exposure Draft.

Goodwill and Impairment: The staff are asking permission to begin preparing the Exposure Draft.

Rate-regulated Activities: The Board will consider whether to have an exception in IFRS 3 for rate-regulated activities. They will also discuss the regulatory agreement period and incentive schemes. The staff are recommending that the Board publish an Exposure Draft, rather than a second Discussion Paper, and are seeking permission to prepare that ED.  

Disclosure Initiative: The Board will consider possible changes to the disclosure requirements in IAS 19.

Dynamic Risk Management: The staff will demonstrate how the DRM model is designed to operate. The Board will consider some operational simplifications, whether it should be mandatory or optional and the areas of focus for disclosure.  

Financial Instruments with Characteristics of Equity—Summary of feedback: The Board will continue to discuss feedback on the Discussion Paper, focusing on presentation of financial liabilities; presentation of equity instruments and disclosure; contractual terms; users of financial statements and the overall objective, scope and challenges.

Comprehensive review of the IFRS for SMEs Standard: The Board plans to issue a Request for Information (RFI) in the second half of 2019. At this meeting the Board will consider whether to propose changes to the IFRS for SMEs Standard to reflect IFRS 3, IFRS 10, IFRS 11 and IFRS 15 as well as a range of amendments to IFRS Standards and IFRIC Interpretations that have been published since the last review.

Management Commentary: The Board will consider how to apply the Conceptual Framework’s qualitative characteristics to information presented in management commentary as well as how to make relevance and materiality judgements.

Business Combinations under Common Control: The staff will present their analysis of the implications of potential equity investors in BCUCC and the measurement approaches could be applied. It is an education session with no staff recommendations.

Implementation Matters: The Board will be asked for any feedback on the June meeting of the IFRS Interpretations Committee.  

Joint session with the US Financial Accounting Standards Board (FASB): The middle day of the IASB meeting has been set aside for a joint meeting with the FASB. The boards will update each other on projects each Board is working on separately: Segments (FASB); Primary Financial Statements (IASB); Financial Performance Reporting (FASB); Financial Instruments with Characteristics of Equity (IASB); Distinguishing Liabilities from Equity (FASB); IBOR reform (both); Goodwill and Impairment (IASB); Identifiable Intangible Assets and Subsequent Accounting for Goodwill (FASB); Disclosure Initiative (IASB); Disclosure Framework (FASB); and Implementation: Revenue and Leases (FASB).

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

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