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October 2016 IASB meeting notes posted

  • IASB meeting Image

Oct 20, 2016

The IASB met at its offices in London on October 18–19, 2016.

The following topics were discussed at the meeting:

  • Feedback on the IASB’s proposed practice statement on ma­te­ri­al­ity.
  • Proposed changes to the IASB’s conceptual framework; the Board is moving ahead with the sections ad­dress­ing executory contracts, unit of account, asymmetry in treating gains and losses, and ma­te­ri­al­ity.
  • The planned amend­ments to the segment reporting re­quire­ments..
  • The IASB’s dis­cus­sion paper on dis­clo­sure principles, which is currently expected to be issued in February 2017 for a 180-day comment period.
  • The Board’s decision not to undertake an interim review of the IFRS for SMEs and its plan to seek more input from the SME con­sul­ta­tive group on how best to proceed with reviews.
  • The IASB’s ratification of an in­ter­pre­ta­tion on advance con­sid­er­a­tion in a foreign currency and decision to move forward with amend­ments on how proceeds from testing an asset are recog­nized.
  • The Board’s decision to address the in­ter­ac­tion between the im­pair­ment re­quire­ments in IFRS 9 and those in IAS 28 through an annual improvement rather than a draft interpretation.
  • The IASB’s ongoing project on financial in­stru­ments with char­ac­ter­is­tics of equity. The Board ten­ta­tively decided that economic in­cen­tives that are likely to compel an entity to settle an in­stru­ment in a par­tic­u­lar way should not dictate whether the instrument is clas­si­fied as a liability or equity.
  • A brief update on the IASB’s research program.

The preliminary and unofficial detailed notes taken by Deloitte observers for the entire meeting are available on IAS Plus.

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