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January 2017 IASB meeting notes posted

  • IASB meeting Image

Jan 23, 2017

The IASB met at its offices in London on January 18, 2017. Topics discussed at the meeting included (1) exposure drafts (EDs) and standards; (2) the IASB conceptual framework; and (3) a post-implementation review of IFRS 13, Fair Value Measurement.

EDs and Standards

The Board continued its dis­cus­sions from December 2016 on a possible amendment to IFRS 9, Financial In­stru­ments, regarding symmetric pre­pay­ment options that allow in­stru­ments to qualify for amortized cost mea­sure­ment. The Board decided to proceed with issuing an ED; the final amendments are expected to become effective on January 1, 2018.

In addition, the staff gave the Board an update on the insurance contracts project and intends to readdress certain issues with the Board in February as a result of the feedback it received from an extended fatal flaw review. Accordingly, the expected pub­li­ca­tion date for IFRS 17, Insurance Contracts, is expected to be pushed back to May 2017.

Further, the Board was told that the staff had received positive feedback regarding the wording of an ED to clarify the dif­fer­ence between an accounting policy and a change in estimate.

Conceptual Framework

The conceptual framework session focused on factors specific to initial mea­sure­ment and the use of more than one mea­sure­ment basis. The Board also confirmed the proposals to update the ref­er­ences in standards and in­ter­pre­ta­tions to the conceptual framework.


The first session focused on a post-im­ple­men­ta­tion review of IFRS 13, Fair Value Mea­sure­ment. The re­quire­ments in IFRS 13 are sub­stan­tially converged with those in the FASB’s re­quire­ments. The Board decided to move ahead with a post-im­ple­men­ta­tion review and to issue a request for in­for­ma­tion. The request for views is expected to be published within the next six months.

More In­for­ma­tion

Deloitte observers have taken detailed notes for the entire meeting.

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