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News

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Agenda for the January 2018 DPOC meeting

23 Jan 2018

The Trustees of the IFRS Foundation will be meeting in Hong Kong from 30 January to 1 February 2018. However, only the meeting of the Due Process Oversight Committee (DPOC) on 31 January will be held in public.

The agenda for the DPOC meeting is summarised below.

Wednesday, 31 January 2018 (16:00–16:55)

  • Introduction and Actions from DPOC meeting held on 7 November 2017
  • Technical activities: Key issues and update
  • IFRS Taxonomy Consultative Group: appointment of Vice-Chair – report on discussions in private session
  • Due Process Handbook Review
  • Correspondence: update
  • Summary

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

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Live webinar on the scope of the Business Combinations under Common Control project

23 Jan 2018

The International Accounting Standards Board (IASB) announces a live webinar on the scope of its Business Combinations under Common Control project. Registration for the 31 January webinar is now open.

In December 2017 the IASB concluded its discussions of the scope of the project and the webinar will discuss the Board’s decisions and illustrative examples of transactions within the scope.

The IASB will offer a morning and an afternoon session to accommodate stakeholders in time zones around the world. Both 45-minute web presentations will also allow participants to ask questions. Registration is required (on the IASB's website) for the sessions:

A recording of the webinar will be available in due course. Please see the IASB press release for more information.

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Insurance contracts transition resource group releases meeting agenda

23 Jan 2018

The IASB has released the agenda for IFRS 17 transition resource group (TRG) meeting on 6 February 2018.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. By analysing and discussing potential implementation issues, the TRG will help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. This meeting will be the first meeting where technical matters will be discussed.

The agenda for the meeting is as follows:

Tuesday, 6 February 2018

  • Welcome and in­tro­duc­tory remarks
  • Separation of insurance components of a single contract
  • Boundary of contracts with annual repricing mechanisms
  • Boundary of reinsurance contracts held
  • Insurance acquisition cash flows paid on an initially written contract
  • Determining quantity of benefits for identifying coverage units
  • Insurance acquisition cash flows when using fair value transition
  • Reporting on other questions submitted
  • Administrative matters

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

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IASB announces fifth research forum

23 Jan 2018

The International Accounting Standards Board (IASB) will host its fifth Research Forum on 11 and 12 November 2018 in Sydney.

The Forum will be held in conjunction with Abacus, an academic journal from the Accounting Foundation at the University of Sydney. The editors of Abacus have issued a call for papers inviting submissions that can provide evidence to inform the standard-setting activities of the IASB.

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IASB posts webcast on IFRS 17

22 Jan 2018

The IASB has posted a webcast on the level of aggregation requirements in IFRS 17 'Insurance Contracts'.

The webcast is presented in two parts:

  • Part 1 explaining why and how insurance contracts are grouped.
  • Part 2 discusses recognition, derecognition and disclosures.

For more information, see the press release on the IASB’s website. In addition, earlier webcasts and webinars on IFRS 17 are available through an archive.

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2018 IFRS 'Blue Book' in new format

19 Jan 2018

The IFRS Foundation announces that the annual publication formerly known as the 'Blue Book' is now available.

As before, the publication contains all official pronouncements that are mandatory on 1 January 2018. It does not include IFRSs with an effective date after 1 January 2018. This is reflected by the publication's new title Required IFRS Standards 2018.

The former Blue Book (the colour remains unchanged) is now offered in two versions:

  • Required IFRS Standards 2018
  • Annotated Required IFRS Standards 2018

The latter includes the same content as Required IFRS Standards 2018 with additional annotations and explanatory material.

Please click for more information about the content and ordering details on the IASB website.

The IFRS Foundation also notes that the former Red Book will be published in two versions as well, as Issued IFRS Standards 2018 and Annotated Issued IFRS Standards 2018. These publications are currently expected to be available in March 2018.

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EFRAG reports on possible effects on long-term investments of IFRS 9 requirements

18 Jan 2018

In response to a European Commission request, the European Financial Reporting Advisory Group (EFRAG) is investigating the potential effects on long-term investments in equity instruments of the requirements of IFRS 9 'Financial Instruments'. EFRAG has now concluded the first phase of the project and has submitted a report to the European Commission.

The first phase of the project was an assessment and consisted of collecting quantitative data on the current holdings of equity instruments and their accounting treatment and investigating whether, and to what extent, entities expect the new accounting requirements to affect their decisions in relation to investment in equity instruments.

In its endorsement advice on IFRS 9, based on the limited evidence available at the time EFRAG, assessed that it was unlikely that long-term investors would change their investment strategy as a result of the implementation of IFRS 9. The assessment phase has confirmed that while the majority of respondents do not expect to modify their holding period for equities following the introduction of IFRS 9, some entities expect to modify their asset allocation decisions (while also conceding that their asset allocation decisions are driven by a plurality of factors). EFRAG also stresses that insurance entities are still at an early stage of assessment since they will apply IFRS 9 only in 2021.

Please click to access the full report on the EFRAG website.

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IASB publishes a summary of IFRS 17

17 Jan 2018

The IASB has published a one-page summary of the accounting model in IFRS 17 'Insurance Contracts'.

The summary is being published as part of the IASB's initiative to help constituents understand the requirements of IFRS 17. The summary explains different elements of the accounting model and how they will be displayed in certain financial statements.

For more information, see the IASB's website for the following:

 

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IFRS Interpretations Committee holds January 2018 meeting

17 Jan 2018

The IFRS Interpretations Committee met via video conference call on Tuesday 16 January 2018. We have posted Deloitte observer notes for the technical issues discussed during this meeting.

The Committee finalised a tentative decision not to add to its agenda a project to interpret how an entity accounts for a transaction in which it contributes property, plant and equipment to a newly-formed associate in exchange for shares in that associate.

The work in progress was discussed and it was noted that the IASB plans to undertake a post-implementation review of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

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We comment on the IASB's proposed amendments to IAS 8

16 Jan 2018

We have responded to the IASB's exposure draft ED/2017/5 'Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)' that was published in September 2017.

While we agree with the Board that there is insufficient guidance in IAS 8 for those that apply IFRS to distinguish between changes in accounting policies and changes in accounting estimates, our assessment is that the proposed changes will not provide the clarity that stakeholders need to distinguish between a change in estimate and a change in accounting policy to the extent expected.

Please download the full comment letter here.

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