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Agenda for the upcoming IFASS meeting

15 Feb 2018

The International Forum of Accounting Standard Setters (IFASS) will meet in Mumbai on 12 and 13 April 2018. Among the topics to be discussed are the strategy of the IFRS Interpretations Committee regarding tentative agenda decisions as well as approaches and experiences regarding the adoption of new standards (IFRS 15, IFRS 16, IFRS 17).

The full agenda is summarised below:

Thursday, 12 April 2018 (08:45-18:30)

  • Inaugural session - Adresses by various Indian representatives
  • Opening remarks & Administrative matters
  • Continuation of the internal discussions from the last meeting
  • Proposals on the IASB project on goodwill and impairment
  • IFRS IC Strategy - tentative agenda decisions
  • Jurisdictional/Standardsetters' updates
    • Should parent entities and subsidiaries be exempted from preparing individual financial statements where group financial statements are prepared?
    • Q&A on IASB's Work Plan including research project pipeline
    • Recent developments in the work of the Not-for-profit working group
  • Facilitating the adoption of new IFRSs - Approaches and experiences
    • IFRS 15: Enforceable right to payment: Off-plan apartment complex construction contracts
    • IFRS 16: Exchange of lessons learned
  • Two simultaneous optional sessions
    • Facilitating the adoption of new IFRSs - Approaches and experiences: IFRS 17 - Exchange of lessons learned
    • Consolidation of Not-for-profit entities under IFRS 10
  • Two simultaneous optional sessions
    • IFRS Taxonomy update
    • Opportunities, challenges and way forward for the implementation of NFRS and the NFRS for SMEs in Nepal

Friday, 13 April 2018 (09:00-16:15)

  • Equity instruments: Impairment & Recycling
  • A review of IASB’s tentative decisions on primary financial statements
  • BCUCC: Follow-up from London 2017
  • First thoughts on intangibles (FRC research project)
  • Closing remarks


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Pre-meeting summaries for the February IASB meeting

14 Feb 2018

The IASB will meet at its offices in London on 20 and 22 February 2018. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. For each topic to be discussed we summarise the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

There are eight topics on the agenda.

Tuesday 20 February

Disclosure Initiative

The Board will discuss the detailed feedback received on the Disclosure Initiative—Principles of Disclosure Discussion Paper. There are 12 papers for this session, plus a cover note.

Primary Financial Statements

The Staff are responding to the Board’s request in January to clarify what is meant by a ‘key performance measure’ and a measure that is ‘specified or defined in IFRS Standards’. The staff are also recommending that when a management performance measure (MPM) is reported an adjusted EPS that is calculated consistently with the MPM must be presented, together with supporting disclosures.  Finally, the staff are also recommending that, within the investing section of the statement of cash flows, a distinction be made between cash flows arising from integral and non-integral associates and joint ventures.

Thursday 22 February

Dynamic Risk Management

In this paper, the Staff set out the qualifying criteria for designating an item into the asset profile, which defines which items are managed for interest rate risk and are therefore subject to performance assessment under the DRM model. They also discuss some technicalities about designation and situations requiring de-designation, as well as documentation requirements.

Business Combinations under Common Control

The Staff are recommending that the Board use the acquisition method in IFRS 3 as the starting point in developing proposals for accounting for business combinations for which all of the parties to the combination are under common control.


The Staff will give the Board a status update on its research programme. The Staff are recommending that the Board start work in the next few months on variable and contingent consideration; provisions; extractive activities; pension benefits that depend on asset returns; and SMEs that are subsidiaries. Work on equity method; pollutant pricing mechanisms; high inflation (the scope of IAS 29); and post-implementation reviews of IFRS 10-12; and IFRS 5 should commence in 2019 or early 2020.


The staff will give the Board a summary of the first Insurance Contracts TRG meeting. 

Analysis of due process documents

This Staff have set out for the Board the different purposes of Discussion Papers (DP) and Exposure Drafts (ED). This session is being held in anticipation of the Board’s decisions about whether it should publish a DP or an ED for the projects on primary financial statements, goodwill and impairment as well as rate-regulated activities.

Rate regulated Activities

The staff are recommending that the model being developed specify the unit of account as the individual timing differences (as opposed to the net of all timing differences) arising from the regulatory agreement. The staff also explain why they consider that rate-regulated rights and obligations meet the revised definitions of assets and a liabilities in the forthcoming Conceptual Framework.

More information

Our pre-meeting summaries are available on our February meeting note page and will be supplemented with our popular meeting notes after the meeting.

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Insurance contracts transition resource group - meeting summary, podcast, IFRS in Focus

14 Feb 2018

The Transition Resource Group (TRG) for Insurance Contracts held its first technical meeting on 6 February 2018. The IASB has now made available a summary and a podcast of the meeting and Deloitte has published an IFRS in Focus newsletter reflecting the discussions.

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India to adopt IFRS 17, proposes slightly earlier application date

13 Feb 2018

The Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has published ED/Ind AS/2018/03 'Insurance Contracts'. Changes in comparision to IFRS 17 'Insurance Contracts' are few.

In an appendix, the ED lists these two changes in comparison to IFRS 17:

Comparison with IFRS 17, Insurance Contracts

  1. IFRS 17, Insurance Contracts, is applicable globally with effect from 1st January 2021. However, in India, it has been decided to implement Ind AS with effect from 1st April 2020 . In case of insurance companies, early application of the said standard will be permitted for consolidation purposes only.
  2. Paragraph 7(b) of IFRS 17 mentions that this standard shall not be applicable to retirement benefit obligations reported by defined benefit retirement plans and reference to IAS 26, Accounting and Reporting by Retirement Benefit Plans, has been made. Though this scope exclusion is retained but reference to IAS 26 has been omitted in Ind AS 117 considering Ind AS corresponding to IAS 26 has not been notified in India.

Please click to access the ED on the ICAI website. Comments are requested by 31 March 2018.

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EC publishes evaluation roadmap for fitness check on public reporting by companies

12 Feb 2018

The European Commission (EC) has published an evaluation roadmap 'Fitness check on public reporting by companies (Accounting Directive, Transparency Directive, Non-financial reporting Directive, Bank Accounts Directive et Insurance Accounts Directive and IAS Regulation)'.

The purpose of the fitness check exercise will be to assess whether the public reporting obligations including financial and non-financial reporting requirements for EU companies are meeting their objectives (effectiveness, relevance and EU added value). It will cover various reporting requirements including the Accounting Directive including the Non-Financial Reporting Directive, the Regulation on International Accounting Standards (IAS Regulation), the Transparency Directive (TD), the Banks Accounts Directive, and the Insurance Accounts Directive.

The Commission aims to assess whether the EU financial reporting framework is still fit for purpose. Aspects in this context are cross border businesses in a more integrated Single Market and well-functioning capital markets, the emergence of new business models, the increasing importance of intangibles in the digital economy, and the role of IFRSs and their interaction with the broader EU accounting framework. The Commission also notes the increased demand for public reporting on a broader range of topics as for example reporting on sustainability issues and long term value creation. Interaction and integration of the different sets of public reporting by companies (financial, non-financial and other reports) will also be looked at. And finally, the Commission will look at digitalisation and its long-term challenges and opportunities.

The first step in this fitness check will be an open public consultation that is expected to be launched in 1st quarter of 2018 and will last for a period of at least 12 weeks. In particular, participants will be asked for their views on the following:

  1. Whether the current financial reporting framework meets its objectives and will continue to do so in the digital economy, whether the level of harmonisation and simplification meets the needs of respectively the large cross border groups and the SMEs, the role of IFRS for non-listed and listed companies including governance aspects to ensure these are not detrimental to long term and sustainable investments, and the coherence of sectoral accounting legislation for banks and insurance companies with other EU reporting and prudential legislations;
  2. Whether the financial and non-financial disclosures in the area of Environmental, Social and Governance (ESG) reporting by companies are fit for purpose, including as regards sustainability disclosures;
  3. Whether to encourage experimentation with integrated reporting as a way to make the EU reporting framework more effective and efficient and if yes how;
  4. Whether public corporate reporting does take enough consideration of – and at least is not a hindrance to – technological progress and how to make the best use of these new tools to do more with less.

Please click to access the full fitness check roadmap on the EC website. Note that roadmaps can also be commented on - feedback on this roadmap is requested by 8 March 2018.

The High-Level Expert Group (HLEG) on Sustainable Finance, established by the EC, has also suggested in its final report setting out strategic recommendations for a financial system that supports sustainable investments that changes to the IAS Regulation might be warranted.

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Agenda for the February 2018 IFRS Advisory Council meeting

12 Feb 2018

An agenda has been released for the upcoming meeting of the IFRS Advisory Council, which is being held in London on 27–28 February 2018.

A summary of the agenda is set out below:

Tuesday 27 February 2018

Morning session (09:00-12:35)

  • Welcome and Chair's preview
  • Tee-up re effects analysis
    • Breakout session on effects analysis
  • Tee-up re conference strategy
    • Breakout session on conference strategy

Afternoon session (13:50-17:20)

  • Trustees and IFRS Foundation activities
  • Feedback on the Board’s approach to effects analysis
  • Feedback on the Board’s conference strategy
  • Update on the Board and the Foundation
  • Communications strategy

Wednesday 28 February 2018

Morning session (8:30-12:00)

  • Tee-up re academic liaison strategy
    • Breakout session on the Board’s academic liaison strategy
  • Update on changes to the Emerging Economies Group
  • 2018 Review of A ccounting Standards Advisory Forum
  • Feedback on the Board’s academic liaison strategy
  • Sum up discussions

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

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Compendium of Ind AS Clarification Bulletins

12 Feb 2018

India is currently in its process of implementating the Indian Accounting Standards (Ind AS), which are largely converged with International Financial Reporting Standards (IFRSs). For addressing transition related queries, an Ind AS Transition Facilitation Group (ITFG) has been set up that issues clarification bulletins addressing implementation issues from time to time. For ease of reference, the 14 bulletins issued so far have now been condensed into one compendium.

The Compendium of ITFG Clarification Bulletins addresses 104 issues and is indexed by standard. It is available on the website of the Institute of Chartered Accountants of India (ICAI).

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February 2018 IASB meeting agenda posted

09 Feb 2018

The IASB has posted the agenda for its next meeting, which will be held at its offices in London on 20 and 22 February 2018. There are eight topics on the agenda.

The Board will discuss the following:

  • Disclosure initiative: Principles of disclosures
    • Summary of feedback received
  • Primary financial statements
    • Clarifying requirements for management performance measures (MPMs)
    • Management-defined adjusted earnings per share (EPS)
    • Presentation of the cash flows of 'integral' and 'non-integral' associates and joint ventures
  • Dynamic risk management
    • Role of asset profile
  • Business combinations under common control
  • Research Programme
  • Insurance contracts
    • Update on TRG meeting and activities for investors and analysts
  • Discussion papers and exposure drafts
  • Rate-regulated activities
    • Unit of account and asset/liability definitions

The full agenda for the meeting can be found here. We will post any updates to the agenda, our com­pre­hen­sive pre-meet­ing summaries as well as observer notes from the meeting on this page as they become available.

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Two videos from the stakeholder event in connection with the last meeting of the IFRS Foundation Trustees

09 Feb 2018

In conjunction with the IFRS Foundation Trustees meeting in Hong Kong on 31 January, the IFRS Foundation and the Hong Kong Institute of Certified Public Accountants (HKICPA) organised a stakeholder dinner for companies, investors, regulators and others in Hong Kong with an interest in financial reporting. The event saw a welcome speech by Michel Prada and a panel discussion on 'Hong Kong and IFRS Standards: past, present and future'.

Video recordings of the welcome speech and the panel discussion are now available:


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Recent sustainability and integrated reporting developments

09 Feb 2018

A summary of recent developments at the Center for ESG Research, WBCSD, and GRI.

The think tank Center for ESG Research has released the Integrated Ratio Guideline, which aims to be a practical formula collection for companies, investors and analysts, to help them calculate a number of non-financial and integrated ratios, and notably what investors and analysts can use these ratios for to evaluate companies’ performance and risk profiles. You can find the Center for ESG Research's Integrated Ratio Guideline here.

The World Business Council for Sustainable Development (WBCSD) has released a new report, compiling data that offers a closer look into the reporting landscape of the United States and Canada. This first report in a series of case studies across different countries that looks at significant developments in ESG reporting seeks to address the challenges, opportunities and next steps for corporate reporting and disclosure. Please click to access the report here.

The Global Reporting Initiative (GRI) and the WBCSD have launched the 'Materiality Roundtable Series', a platform for companies and investors that helps organisations to identify and integrate sustainability information into their corporate reporting. Please click for more information on the GRI website.

GRI also announces that the GRI Standards now available in Simplified Chinese. Please click for access to the press release and the download centre on the GRI website.

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