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IASB June 2007 meeting agenda

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08 Jun 2007

The International Accounting Standards Board will hold its June 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 19-22 June 2007. Presented below is the agenda for the meeting.

The Board will also meet with the Standards Advisory Council on Monday and Tuesday 25 and 26 June 2007 at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

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19-22 June 2007, London

Tuesday 19 June 2007 (afternoon only)

Wednesday 20 June 2007

  • Technical plan
  • Post-employment Benefits
  • IFRIC – Approval of Interpretations:
    • IFRIC X Customer Loyalty Programmes The Board will be asked to ratify an Interpretation of IAS 18 Revenue addressing accounting by entities that grant customer loyalty awards to their customers. The Interpretation was approved by the IFRIC at its May meeting.
    • IFRIC X IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction The Board will also be asked to ratify an Interpretation of IAS 19 Employee Benefits addressing the limit on the recognition of an asset for a surplus in a defined benefit plan, minimum funding requirements and their interaction.
  • Proposed amendments to IAS 39 Financial Instruments: Recognition and Measurement - Identification of exposures qualifying for hedge accounting
  • Conceptual Framework – Objectives and Qualitative Characteristics

Thursday 21 June 2007 (afternoon only)

  • IFRS 1 First-time Adoption of International Financial Reporting Standards Cost of an Investment in a Subsidiary
  • Joint Ventures
  • Annual Improvements Process– Discussion of the following issues:
    • 1. Should IAS 1 Presentation of Financial Statements be amended to clarify whether derivatives that are not used for hedging be classified as current or non-current in the balance sheet?
    • 2. Should IAS 16 Property, Plant and Equipment be amended to require that the sale of assets that were previously held for rental be presented on a gross basis in the income statement in certain circumstances?
    • 3. Should the apparent inconsistency between IAS 20 Accounting for Government Grants and Disclosure of Government Assistance and IAS 39 Financial Instruments: Recognition and Measurement be amended to clarify whether interest should be imputed to nil or low interest loans received from a government?
    • 4. Should IAS 39 Financial Instruments: Recognition and Measurement be amended to make clear under what circumstances it is appropriate to classify financial instruments into or out of the category of financial asset or financial liability at fair value through profit or loss?
    • 5. Should IAS 39 Financial Instruments: Recognition and Measurement be clarified to explain whether the revised or the original effective interest rate of a debt instrument should be applied in the remeasurement of the instrument's carrying amount on the cessation of fair value hedge accounting?
    • 6. Should IAS 41 Agriculture be amended to require a post-tax discount rate to be used for calculating the fair value of biological assets?
    • 7. Should the additional impairment test required by IAS 28 Associates be preformed in accordance with IAS 36 Impairment of Assets or IAS 39 Financial Instruments: Recognition and Measurement?
    • 8. Should IAS 39 Financial Instruments: Recognition and Measurement be amended to classify prepayment penalties that are charged to a borrower as closely related to the underlying loan where the penalty only compensates the lender for the changes in the interest rate?
    • 9. Should IAS 41 Agriculture be amended to address an issue identified with the accounting for replanting obligations?
    • 10. Should IAS 41 Agriculture be amended to identify 'felled trees' as an example of agricultural produce rather than 'logs'?
    • The Board will also be asked to consider proposed wording to reflect the decisions it took at the May Board meeting in respect of advertising and promotions costs.

Friday 22 June 2007 (morning only)

Correction list for hyphenation

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