The topics discussed at the meeting included:

• EFRAG discussion paper on separate financial statements.
  
  In September 2014, a European discussion paper was published that considered how separate financial statements are used in Europe for economic decision-making and analysed the technical financial reporting issues that arise under IFRS when preparing such financial statements. CMAC members discussed the paper and considered that it was useful to have separate and consolidated financial statements prepared under the same basis (IFRS).
• Financial reporting in hyperinflationary economies (IAS 29).
  The IASB has been asked to consider a request to change the definition of hyperinflation so that 8 per cent per annum over a three year period (ie cumulatively 26 per cent) would indicate hyperinflation. CMAC members were of the view that the IASB should not lower the indicative threshold.
• Income taxes.
  The staff asked the CMAC members what tax information is used for analysis today and how this information is incorporated into valuation models and whether today’s accounting for income tax provides the information needed or whether the corresponding standard should be improved. CMAC members stated that investors use tax information, to help them to project future tax cash flow but that investors are looking for more information about effective tax rates and differences in taxation that relate to jurisdictional factors.
• Disclosure Initiative.
  
  The IASB staff provided an overview and update on the activities that collectively comprise the Disclosure Initiative. Feedback from CMAC members was sought on the overall initiative and in particular on the Principles of Disclosure project. Most CMAC members agreed with the topics addressed in the Principles of Disclosure project and stressed that the concept of materiality was of particular interest to investors. As part of the discussion, CMAC members also considered the results of the the OIC survey for investors launched in December 2014.

The next CMAC meeting will take place on 11 and 12 June 2015.

The full meeting summary is available on the IASB website.