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Four projects will be proposed for IASB agenda

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26 Sep 2007

At the meeting of the IASB and World Standard Setters in London on 24 and 25 September 2007, IASB staff identified four projects that will be proposed to the IASB in December 2007 as possible additions to the IASB's technical agenda:

  • Intangible assets. Staff indicated that the existing standard (IAS 38) 'is not very good' and that the project is likely to 'move to a standard that recognises, to a greater degree, intangible assets in the balance sheet'.
  • Common control transactions. Transactions between entities under common control are not currently addressed in IFRSs and are specifically excluded from IFRS 3 Business Combinations. Nor are they being addressed in Phase 2 of the business combinations project. Examples of such transactions include group restructurings and acquisition of one entity by another when the owners of the two entities end up with the same percentage ownership of the combined entity.
  • Emission rights trading and government grants. IFRIC 3 Emission Rights was issued in December 2004 but withdrawn in June 2005. Because emission rights are usually granted by a government, they are an example of a government grant. The project would reconsider IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.
  • Management commentary. The IASB published a discussion paper on Management Commentary prepared by some partner standard-setters in October 2005. That paper defines management commentary as follows:

Management commentary is information that accompanies financial statements as part of an entity's financial reporting. It explains the main trends and factors underlying the development, performance and position of the entity's business during the period covered by the financial statements. It also explains the main trends and factors that are likely to affect the entity's future development, performance and position.

The IASB staff also said that while good progress has been made by several partner standard setters in developing an agenda proposal on the Extractive Industries (oil and gas and mining) it will not be ready for Board consideration in December. Staff expressed a hope that it might be ready for agenda consideration in the fourth quarter of 2008. Staff also said they are exploring a possible agenda project that would involve a review of IAS 41 Agriculture.

 

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