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IASB meeting — 18–19 July 2017

Start date:

End date:

Location: London

IASB (International Accounting Standards Board)

The IASB met in public on Tuesday 18 and Wednesday 19 July 2017.

Tuesday 18 June

The meeting started with positive feedback on outreach the IASB staff have undertaken with investors and analysts in relation to the recently issued IFRS 17 Insurance Contracts.

The Board decided to proceed towards finalisation of two of the proposed amendments included in the Annual Improvements to IFRS Standards 2015–2017 Cycle related to IAS 12 Income Taxes and IAS 23 Borrowing Costs. The Board asked the staff to undertake more research on a possible amendment to IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.

The day finished with a session on Disclosure Initiative: Materiality Practice Statement. The Board decided to remove two paragraphs and an example relating to the impact of covenants on the materiality of other information.

Wednesday 19 July

The Board decided to finalise the amendments the proposed amendment to IFRS 9 on prepayment features with negative compensation and, as part of that package, to highlight in the Basis for Conclusions the relevant accounting requirements for a modification of financial liabilities that does not result in derecognition. The amendments will have an effective date of 1 January 2019, rather than the originally proposed 1 January 2018, with earlier application permitted.

The remaining sessions were educational in nature. The Board continued its discussions on rate-regulated activities, focusing on control and matching; and recognition and uncertainty. It also discussed possible revisions to the assessment of goodwill impairment, mainly focusing on feedback from outreach. No decisions were made in these education sessions.

It was Stephen Cooper’s final Board meeting.

 

Agenda for the meeting

Tuesday 18 July 2017 (13:30–16:45)

  • Insurance contracts — Investor reactions to IFRS 17
  • IFRS implementation issues
    • Amendments to IAS 12: Income tax consequences of payments on financial instruments classified as equity: Analysis of feedback on the proposed amendments
    • Amendments to IAS 23: Borrowing costs on completed qualifying assets - Analysis of feedback on the proposed amendments
    • Amendments to IAS 19 and IFRIC 14: Possible effects of amendments to IFRIC 14
  • Disclosure initiative: Materiality practice statement: Sweep issues—covenants

Wednesday 19 July 2017 (9:30–15:30)

  • IFRS 9:
    • Prepayment features with negative compensation
    • Modification of liabilities
  • Rate-reg­u­lated ac­tiv­i­ties: developing the model (education session)
    • control and matching
    • recognition and uncertainty
  • Goodwill and impairment (education session)

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

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