The topics discussed at the meeting included:

• Work plan update. An explanation was given on the process of updating the work plan after every IASB meeting. Also, updates were provided on major IASB projects, narrow-scope amendments projects, IFRS for SMEs comprehensive review project, and research projects.
• Accounting Standards Advisory Forum (ASAF). CMAC members discussed the work aimed at creating the ASAF and also the role the ASAF will have with the IASB.
• Conceptual framework project:
  • Elements of financial statements, reporting entity and measurement — CMAC Members discussed the objective of financial reporting as described in the conceptual framework. Many believed that the main objective of financial reporting should be to provide useful information to users. Also discussed were the main changes made to the qualitative characteristics of useful financial information, the definitions of a liability and equity, and the principles for measurement.
  • Presentation and disclosure — CMAC members were presented with the IASB's proposals for the possible use of other comprehensive income (OCI). There was an overall agreement among CMAC members with the concept of segregating comprehensive income into profit or loss and OCI. In addition, CMAC members supported the proposal to present bridging items and mismatched remeasurements in OCI.
• Feedback on disclosure survey and Discussion Forum on disclosures. CMAC members were presented, by the IASB staff, with the outcome from a survey and a Discussion Forum on disclosure. Most CMAC members believed that (1) financial reports focus primarily on compliance and that excessive detail, (2) generic language lead to non-useful information in disclosures during practice, and (3) some types of disclosures in financial statements are more likely to contain irrelevant information.
• Insurance contracts.The IASB staff presented the CMAC members with an overview of the insurance contracts project, which contained three approaches to revenue recognition for insurance contracts:
  • ‘premiums written’ (recognising premiums as revenue at the beginning of the contract)
  • ‘premiums due’ (recognising premiums as revenue when they are billed to the policyholder)
  • ‘premiums earned’, (recognising premiums as revenue as the insurance coverage is provided to the policyholder)
  
  Overall, CMAC members supported the 'premiums earned' approach.
• Financial Instruments: Classification and Measurement. The IASB staff presented an overview of the IASB's proposed narrow-scope amendments to IFRS 9, which introduces a third measurement category. In general, the CMAC members were opposed to having a third measurement category and preferred the simplicity of having two categories.

The full meeting summary is available on the IASB website.