This issue fea­tures:

• An interview with the President of the Asian Infrastructure Investment Bank, Mr Jin Liqun.
• An overview of key features in the new leases standard, IFRS 16.
• Current pro­jects that need input from the in­vest­ment com­mu­nity.
• A cal­en­dar of current events.

The In­vestor Update newslet­ter is avail­able on the IASB’s website.

The questionnaire presented nine arrangements and asks respondents to provide their assessment of whether different aspects of the definitions of assets and liabilities proposed in the May 2015 ED are met. Respondents are asked to provide their assessment solely based on the proposed definitions and the additional guidance included in the ED.

The main issues identified by the questionnaire were the following:

• The term ‘present’ was interpreted differently by the respondents when the term was considered in relation to the definition of an asset.
• The respondents had different views of what and how many past events it was necessary to consider when assessing whether the control of an economic resource arose as result of past events.
• Respondents had different assessments about whether the economic resource related to a lottery ticket was controlled by the entity acquiring the lottery ticket.
• Respondents had different assessments about whether an improved market position had the potential to produce economic benefits. 
• Respondents had different assessments about whether an assembled workforce resulted in a right of an entity.
• Respondents had different assessments about whether the costs of legal advisors related to a restructuring resulted in an obligation to transfer an economic resource.
• Although respondents generally thought that the economic resource related to a lease agreement was controlled by the entity, their arguments for this assessment were different.
• Respondents had different assessments about whether the deposit guarantee scheme resulted in an obligation to transfer an economic resource (for payments in future years).

Please click to access the summary of responses on the EFRAG website. EFRAG has provided the results of the test to the IASB staff.

Updates regarding the im­ple­men­ta­tion projects are:

• Amendments to IFRS 4: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts: No longer has a comment to determine the direction of the project within 3 months, but now includes that a new Standard is expected within 6 months.

• Clarifications to IFRS 8 arising from the Post-implementation Review: The exposure draft is now expect within 6 months, previously it was within 3 months.

• Clarification of Classification and Measurement of Share-based Payment Transactions: The new Standard is now expect within 6 months, previously it was within 3 months.

• Clarifications to IFRS 15 Revenue from Contracts with Customers: Issues Emerging from TRG Discussions: Previously indicated that a new Standard was expected in the March/April 2016 timeframe; now its solely expected in April 2016.

• Classification of Liabilities: The new Standard is now expected after 6 months; previously it was expected within 6 months.

The revised IASB work plan is available on the IASB's website.

This webcast discusses the transition steps that a lessee is required to perform and includes highlights of available transition relief and the decisions that need to be made at each stage.

The webcast is available on the IFRS 16 implementation page on the IASB’s website.

The article features:

• Examples of how the amendments to IAS 1 in December 2014 helped preparers improve their financial reporting.
• The importance of identifying the primary users.
• An assessment of disclosure materiality.
• Discussion on material and immaterial errors.

The full article is available on the IASB’s website.

The suggestions are varied and range from clarifying over amending to changing sections of the draft report with respect to involvement of the European Parliament, financing, "public good", prudence, IFRS 9, convergence and many other topics. A document showing all motions for changes has been made available. Given that different MEP have commented on the same paragraphs (partly suggesting conflicting amendments), the document has grown rather long (54 pages vis-à-vis the original 10 pages). Please click to access the new document on the Parliament's website.