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IASB meeting — 18–19 October 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 18–19 October 2016.

Tuesday 18 October

In April the IASB considered the general feedback it received on its proposed Practice Statement on materiality. In this meeting it discussed some of the specific issues raised. The Board supported most of the staff recommendations, but asked for more work to be done on materiality within the context of the primary financial statements versus notes, and the comparative versus corresponding approaches to presenting financial statements.

The Board continued its discussions on proposed changes to the Conceptual Framework, and is moving ahead with the sections addressing executory contracts, unit of account, asymmetry in treating gains and losses and materiality.

Two issues on the planned amendments to the segment reporting requirements were discussed.

The IASB decided that the comment period for the Discussion Paper on Principles of Disclosure should be 180 days, and noted that the expected publication date had been pushed back to February 2017.

The Board decided not to undertake an interim review of IFRS for SMEs, but will seek more input from the SME consultative group on how best to proceed with reviews.

Wednesday 19 October

The IASB ratified an Interpretation on advance consideration in a foreign currency. It also agreed to proceed with amendments on how proceeds from testing an asset are recognised.

In September the IASB blocked the publication of a draft Interpretation on the interaction between the impairment requirements in IFRS 9 and IAS 28. The Board voted to address the matter through an annual improvement.

The Board continued its discussions on its ongoing project on Financial Instruments with the Characteristics of Equity. It tentatively decided that economic incentives that are likely to compel an entity to settle an instrument in a particular way should not determine whether it is classified as a liability or equity.

The IASB was given a brief update of its research programme.

This was Philippe Danjou’s last meeting of the IASB, having completed 10 years as a Board member.

Agenda for the meeting

Tuesday, 18 October 2016 (9:00–17:00)

  • IFRS for SMEs – Timing of the next review of the IFRS for SMEs Standard
  • Disclosure initiative:
    • Principles of disclosure
    • Materiality
  • Conceptual Framework
    • Testing the proposed asset and liability definitions — matters arising
    • Executory contracts
    • Asymmetry
    • Materilaity
  • IFRS 8 amendments
  • Agenda consultation — Permission to publish the Feedback Statement

Wednesday, 19 October 2016 (9:00–12:30)

  • IFRS implementation issues
    • Interpretation on foreign currency transactions and advance consideration
    • IFRS 9 and IAS 28 — Long-term interests
    • Proceeds and costs of testing PPE
  • Financial instruments with characteristics of equity — Alternative settlement outcomes within the control of the entity
  • Research update

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

Related Topics

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