Summary of the CMAC October 2014 meeting

  • CMAC (Capital Markets Advisory Committee) (mid blue) Image

17 Dec 2014

The IASB has released a summary of the Capital Markets Advisory Committee (CMAC) meeting which was held in London on 16 October 2014.

The topics discussed at the meeting included:

  • Rate-regulated activities.
    CMAC members provided feedback on the IASB’s discussion paper on reporting the financial effects of rate regulation. The members noted that it is important to provide information regarding rate regulation to investors and lenders. One of the main concerns from the discussions was how to measure regulatory assets and the level of judgement involved.
  • Measuring quoted investments at fair value.
    CMAC members discussed the IASB’s Exposure Draft Measuring Quoted Investments in Subsidiaries, Joint Ventures and Associates at Fair Value. In particular, they were asked which measurement method they believed will provide the most useful information to investors. All members believed measurement based on unadjusted Level 1 inputs is the most useful.
  • Post-implementation Review of IFRS 8 Operating Segments.
    CMAC members were asked for their views concerning potential amendments to address issues specified in the post-implementation review. Topics discussed included (1) identification and aggregation of operating segments, (2) preservation of trend data on reorganization, (3) allocation of reconciling items and central charges to operating segments, and (4) reported line items.
  • Research projects and investor involvement.
    CMAC members generally supported the IASB’s Research Programme, however, some believed that IASB should monitor the range of views it receives to make sure it is receiving input from the investor community at large.
  • Business combinations under common control (BCUCC).
    The IASB staff provided the CMAC members with an update of the BCUCC research project and the IASB’s tentative decisions on the scope of the project. In addition, the members were presented with two general BCUCC scenarios and provided feedback.
  • Disclosure Initiative.
    CMAC members provided feedback on sections of the Principles of Disclosure project on (1) cash flow statements and (2) non-IFRS information in financial statements.
  • Appointments.
    The CMAC announced the appointment of Paul Lee, Glen Suarez, and Marietta Miemietz.

The next CMAC meeting will take place on Friday 27 February 2015.

The full meeting summary is available on the IASB website.

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