We have created project pages for each (links below) and have updated our
Project Agenda and Timetable Page. The Board decided not to take on a fourth project, on intangibles. Also, it decided not to undertake, at this time, a comprehensive reconsideration of IAS 20
Accounting for Government Grants and Disclosure of Government Assistance.
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Three projects added to the IASB's technical agenda:
- Emission Trading Schemes. The project will address emission trading rights, including any government grants associated with such emission trading rights, but will not address government grants more generally (that is, comprehensive reconsideration of IAS 20 is not included).
- Common Control Transactions. The project will address accounting for combinations between entities or businesses under common control in the acquirer's consolidated and separate financial statements. Specifically, the scope of the project would be:
- Define what a common control transaction is.
- Include demergers and spin offs.
- Consider accounting in both the separate and consolidated financial statements.
- Management Commentary. The objective would be to develop a model for a narrative report, that would accompany but be presented outside of the financial statements, setting out management's explanation of the enterprise's financial condition, changes in financial condition, results of operations, and causes of changes in material line items. The project would build on the Discussion Paper that the Board published for comment in October 2005. The output of the project would be a 'best practice' guidance document rather than an IFRS.
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