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IASB meeting — 18 January 2017

Start date:

End date:

Location: London

IASB (International Accounting Standards Board)

The first meeting for 2017 had a light agenda, with the IASB meeting in public on Wednesday 18 January 2017.

Exposure drafts and Standards

The Board continued its discussions from December 2016 on a possible amendment to IFRS 9 Financial Instruments in relation to symmetric prepayment options, to allow instruments with a prepayment options to qualify for amortised cost measurement. The Board decided to proceed to issue an exposure draft, with the goal of finalising the amendment so that it can have an effective date of 1 January 2018.

The staff gave the Board an oral update on the Insurance Contracts project. They need to bring some minor issues back to the Board in February as a result of the feedback they received from an extended fatal flaw review. This will push the expected publication date for IFRS 17 Insurance Contracts to May 2017.

The Board was told that the staff had received positive feedback from testing the wording of an exposure draft to clarify the difference between an accounting policy and a change in estimate.

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.

Maintenance

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

 

Agenda for the meeting

Wednesday 18 January 2017 (9:00–16:10)

  • Post-implementation review of IFRS 13 Fair Value Measurement
  • IFRS 9 — Symmetric prepayment options
  • Accounting policies and accounting estimates
  • Insurance contracts (oral update)
  • Conceptual Framework

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

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