The agendas for the meetings are reproduced below:

Agenda papers for the meetings are available on the IASB's website.

The possible need for International Financial Reporting Standards to include a disclosure requirement for a net debt reconciliation arose from the feedback from the disclosure forum and had earlier been considered in the financial statement presentation project. In the Feedback Statement from the disclosure forum, the IASB noted the following:

Over the last five years investors have consistently asked the IASB to introduce a requirement that entities must disclose and explain their net debt reconciliation. This is an example where users think that adding a requirement might reduce clutter by specifying about how debt information should be disclosed.

At its October 2013 meeting, the IASB discussed the possibility of including disclosures about 'net debt' as part of possible short term amendments to IAS 1 Presentation of Financial Statements. The IASB decided not to include any proposals on net debt in the short-term amendments to IAS 1, but instead consider this matter separately within another part of the IASB's overall disclosure initiative project. As this meeting, IASB members also noted a possible need for transparency about cash, any restrictions on cash, and tax effects on cash.

Following on from these discussions, the publication survey responds to constituent feedback from investors and analysts "that they would like more information about period-on-period changes in debt to be included in audited financial statements" and is designed to assist the IASB in identifying specific information needs and how the information is used.

The survey explores topics such as:

• Whether investors and analysts consider debt in the analysis of an entity and how such information is used
• Whether understanding the reasons for period-on-period movements in debt is important, and if so, whether analysis is undertaken on total debt, key components, or both, and whether non-cash movements are considered
• Feedback on the adequacy of information currently provided by entities and where information about debt should be provided (e.g. management commentary, financial statements, presentations)
• Whether debt should be defined in IFRS, even if this increased the complexity and timeline of any possible IASB project
• Experience with significant restrictions and/or cost to an entity from an ability to access or move cash, where such information is currently derived if available, and whether this aspect should be considered in any project

The survey includes a table illustrating a possible period-on-period movement in debt (noting that this is not currently specifically required by IFRS), which is reproduced below:

The survey closes on 21 February 2014 and can be accessed on the Investor resources page on the IASB's website.

More information about the issues is set out below:

You can access all our comment letters to the International Accounting Standards Board, IFRS Foundation, and IFRS Interpretations Committee here.

The Committee will:

• Continue discussion on a number of issues related to IAS 12, IAS 19, IFRS 10 and IFRS 11
• Consider finalising tentative agenda decisions on IAS 29 and IAS 32
• Consider a broad range of new issues on various standards (IAS 1, IAS 12, IAS 16, IAS 28, IAS 32, IAS 34, IAS 37, IFRS 3, IFRS 10)
• Discuss feedback from the IASB on the Committee's recommendations about disclosure requirements about an assessment of going concern.

The full agenda for the meeting, as of 20 January 2014, can be found here.  We will update this page for any changes to the agenda, and our Deloitte observer notes from the meeting as they become available.

The three revised IESs are:

• IES 2, Initial Professional Development-Technical Competence. The revised IES 2 replaces IES 2, Content of Professional Accounting Education Programs and prescribes the learning outcomes for technical competence (ability to apply professional knowledge to perform a role to a defined standard) that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development (IPD)
• IES 3, Initial Professional Development-Professional Skills. This replaces IES 3, Professional Skills and General Education and prescribes the learning outcomes for professional skills (intellectual, interpersonal and communication, personal and organisational) that aspiring professional accountants are required to demonstrate by the end of IPD
• IES 4, Initial Professional Development-Professional Values, Ethics, and Attitudes. Replaces IES 4, Professional Values, Ethics, and Attitudes and prescribes the learning outcomes related to professional behaviour and characteristics that identify professional accountants as members of a profession.

The new pronouncements are part of an IAESB initiative to improve the clarity of IESs. In addition, these new standards ensure consistency with the IAESB's Framework for International Education Standards for Professional Accountants and revise the education requirements such as reconsidering the level and depth of knowledge required as a core competency of a professional accountant. The finalised pronouncements respond to constituent comment on earlier exposure drafts that were issued in July and August 2012, particularly in the areas of title and scope, specific requirements and explanatory material and terminology.

The new standards are effective from 1 July 2015 and are designed to be applied by member bodies of the International Federation of Accountants (IFAC), as they have the primary responsibility for ensuring their Initial Professional Development programmes meet the requirements.

Click for IAESB announcement (link to IFAC website).

Paul Cherry was appointed Chairman of the (then) Standards Advisory Council (SAC) in December 2008.  His initial three year term commenced on 1 January 2009 and was extended in June 2011 for a further two years to end on 31 December 2013. During his term, the SAC was renamed the IFRS Advisory Council and underwent a number of changes.

In his article, Mr Cherry notes the following:

• A number of important changes made to the structure and role of the IFRS Advisory Council, including most members now being appointed as representatives of organisations rather than as individuals
• The appropriateness of the size and composition of the Council, including broad geographic and constituent diversity and efforts to increase representation of financial statement users
• Improvements in feedback from constituents on the performance of the Council
• A change in focus from technical matters to more a strategic and cross-cutting matters, which has been facilitated by the establishment of the Accounting Standards Advisory Forum (ASAF)
• Future changes in the operation of the Council, including topics such as whether the Council should have a higher profile, how the Council should assist the IASB in the promotion and adoption of International Financial Reporting Standards (IFRS), and the consultation process and interaction of the Council's activities with the IASB's current agenda.

In relation to the last two points above, Mr Cherry provides the following assessment:

The strategic focus will need to be a conscious approach in the future, including (i) a longer-term view of the IASB’s agenda beyond the current agenda, (ii) a wider view of the financial reporting environment, including corporate reporting trends and the issues that are likely to affect financial reporting in the future, and (iii) the broader context of corporate reporting and of developments related to corporate reporting. These developments include integrated reporting, technological/digital developments and other areas that are likely to affect financial reporting in the future.

In December 2013, the Trustees announced the appointment of Joanna Perry as Chairman of the IFRS Advisory Council with effect from 1 January 2014.

The full text of Paul Cherry's article is available on the IASB website.

The MoU seeks to assist both organisations in reaching their mutual interests, which include the following:

• The development of their respective reporting frameworks, guidelines and standards to be complementary and compatible with each other.
• Transparency and sharing of relevant and significant information.

The MoU is effective from the date of signing on 17 December 2013 until 31 December 2016, but may be extended by mutual agreement.

For more information, see the press release and the full text of the MoU on the IIRC website.

EFRAG-SDS-paper on the equity method

Currently, the guidance in IAS 28 relating to the application of the equity method lacks clarity and is causing diversity in practice. It is not always clear whether the measurement basis or one-line consolidation concept should be applied to situations and issues that are not specifically addressed in IAS 28. The objective of this SDS paper is to gather feedback from constituents on their views regarding the equity method, which the EFRAG will consider when addressing this issue with the IASB and thus assisting the IASB to develop a clear set of principles for the basis of the equity method.

Comments are requested by 15 May 2014.

For more information, see the press release and the Short Discussion Series paper on the EFRAG website.

EFRAG-SDS-paper on the implications for standard setting following from the results of a literature review on the use of information by captial providers

The academic literature review was published by the EFRAG and the ICAS in December 2013. It examined how capital providers use financial statements. As a second step in its proactive project, EFRAG discusses in this SDS paper the implications for standard setting following from the findings of the academic literature review. While it seems not to be possible to meet the needs of all types of users simultaneously, the findings may, however, provide some directions for, for example, measurement, other comprehensive income, the importance of the statement of profit or loss, and other topics.

For more information, see the press release and the Short Discussion Series paper on the EFRAG website.

In the assessment, he stated that of the 122 jurisdictions profiled by the IASB, 115 have made public statements in support of a single set of global accounting standards. Many of the jurisdictions believe that IFRS should be the global accounting standard. In addition, 101 of the 122 jurisdictions require use of IFRS for most or all domestically listed companies with most the remaining 21 jurisdictions using IFRS to some extent. Further, 57 of the 122 jurisdictions require or permit the use of the IFRS for SMEs.

The article also provides the examples where modifications to IFRS were made by jurisdictions; however, the number of modifications remain limited.

Looking ahead, the report noted that the IFRS Foundation Trustees is conducting research to expand on the number of jurisdictions profiled. Also, the Trustees intend to issue a follow-up survey in early 2014 to (1) review current data for any updates, (2) clarify some information in the original survey, and (3) gather more information on the adoption of IFRS.

For more information, see Paul Pacter’s article, Global Accounting Standards — From Vision to Reality, on the IASB website.

The material was developed to support those teaching IFRS, helping them to progressively develop students' abilities to make the necessary estimates and judgements when applying IFRS and IFRS for SMEs. The material is presented in three stages, to accommodate students at different levels in their learning process:

• Stage 1 — A student’s first financial reporting course.
• Stage 2 — A financial reporting course midway to qualifying as a CA or CPA.
• Stage 3 — A course immediately before qualifying as a CA or CPA.

The additional educational material is presented in four parts:

• Stage 3 material covering the IAS 8 hierarchy.
• Multimedia presentations introducing IFRS teachers to Framework based teaching and other material.
• Updates to non-financial assets (2014 edition) material in Stages 1 through 3.
• Chinese, Portuguese, and Spanish translations are updated for IAS 8 hierarchy and non-financial assets.

For more information, see (links to IASB website):

• Press release on the IASB website with links to the teaching material.
• Upcoming IFRS teaching sessions being held worldwide.