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Initial Agenda

Date recorded:

The Board continued its discussions from its April meeting regarding potential initial agenda topics. However IASB did not make any formal agenda decisions because it must first discuss its proposed agenda with the Standards Advisory Council (SAC). SAC is expected to be constituted soon, and a July meeting is likely. Following the SAC meeting, IASB will probably discuss the agenda again with the national standard setters before making formal agenda decisions.

Based on Board discussions, the following appear to be relatively high priority projects:

  • Improvements Project
  • Transition to IAS and First Time Application of IAS
  • Reporting Financial Performance
  • Distinguishing Between Liabilities and Equity
  • Consolidation Policy, especially Special Purpose Entities
  • Share-Based Payments
  • Measurement (fair value vs. other measurements bases) including Present Value.
  • Other Conceptual Framework Issues, including definitions of the elements of financial stastements, liability recognition, and revenue recognition
  • Insurance Contracts
  • Business Combinations: whether to eliminate uniting of interests (pooling), accounting for goodwill (amortisation/impairment or impairment model), and common control transactions
  • Measurement of Financial Instruments
  • Derecognition of Assets and Liabilities
  • Financial Reporting by Small Entities
  • Research and Development Costs or possibly a broader project on Intangibles

Correction list for hyphenation

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