2015 Agenda Consultation — Response to the IASB’s Request for Views

Date recorded:

Background

The Interpretations Committee decided to prepare a comment letter in response to the IASB’s 2015 Agenda Consultation Request for Views.  The Interpretations Committee discussed its initial views in September 2015 and the staff informally surveyed members of the Committee.  The staff was asked to prepare a draft letter reflecting that input.   

Analysis and draft comment letter

The purpose of this session was to discuss the wording of the comment letter prepared by the staff and to decide whether it should be sent to the IASB. 

The agenda paper listed those topics that the Committee members thought should be a priority for the IASB.  Topics listed as priority were: (i) financial instruments with characteristics of equity; (ii) equity method; and (iii) non-current assets held for sale and discontinued operations. Other topics listed with less priority are (i) business combinations under common control; (ii) disclosures; (iii) discount rates; (iv) employee benefits; and (v) income taxes.

Appendix A of the staff paper included a draft of the comment letter.

Discussion

The Interpretation Committee agreed with the staff recommendation.

During the discussion it was suggested, and supported, that the letter should explain that the priorities suggested were in the context of the Interpretation Committee activity, rather than reflecting the personal views of the members.  The priorities therefore reflect those matters for which the Committee had identified that there were more than isolated issues, which suggested that a more substantial response than piece-meal interpretations was required.  It was also agreed to keep the three main topics listed as a priority and as further topics to keep (i) discount rates; (ii) employee benefits and (iii) income taxes.

Business combination under common control and disclosure would be removed based on the fact that the Committee had not received requests recently on those topics.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.