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IASB meeting — 20 and 22 June 2016

Start date:

End date:

Location: London

IASB (International Accounting Standards Board)

The International Accounting Standards Board (IASB) met at its offices in London on 20 and 22 June 2016.

On Monday 20 June the IASB was joined by video by the FASB for a joint education session, their first joint meeting since September 2015. The focus of the sessions was their work on business combinations, following on from their respective post-implementation reviews of their converged standards. The discussion was general in nature, but both boards are giving priority to working on their impairment tests. They will continue to monitor each other’s projects.

On Wednesday 22 June the IASB discussed three topics. They continued their consideration of comments on the Conceptual Framework exposure draft, focusing on profit or loss and other comprehensive income (OCI). The decisions made at this session should see the sections on profit or loss and OCI being less prescriptive that the wording proposed in the Exposure Draft.

The Board also considered and approved some matters that have emerged during the drafting of the new insurance contracts standard. Because they are being brought back after the staff were given permission to prepare the draft for review by the Board they are called sweep issues. Of particular importance is the objective for the level of aggregation to be applied in measuring the contractual service margin.

The Board considered and approved a recommendation from the IFRS Interpretations Committee to make a minor amendment to IAS 12 Income Taxes.

The Chairman concluded the meeting by noting that this was the final meeting for Ian Mackintosh and Patrick Finnegan, thanking them for their contribution to the IASB.

Agenda for the meeting

Monday, 20 June 2016 (13:00-15:00)

  • Goodwill and impairment (joint with FASB):
    • Progress reports related to the project

Wednesday, 22 June 2016 (10:30-16:15)

  • Insurance contracts
  • IFRS implementation issues
    • IFRIC update
    • IAS 12: Accounting for income tax consequences of payments on, and issuing costs of, financial instruments classified as equity
  • Conceptual framework:
    • Summary of tentative decisions
    • Definitions of income and expenses
    • Information about financial performance

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

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