Pre-meeting summaries for the January IASB meeting
09 Jan 2017
The International Accounting Standards Board (IASB) will meet at its offices in London on 18 January 2017. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. For each topic to be discussed we summarise the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.
The first meeting for 2017 has a light agenda, with the IASB scheduled to meet in public only on Wednesday 18 January 2017.
The first session focuses on a post-implementation review of IFRS 13 Fair Value Measurement. The requirements in IFRS 13 are substantially the same as those in the FASB’s requirements, the two boards having worked to have converged standards. The staff is recommending that the IASB move ahead with a post-implementation review and that the Board should issue a request for information as part of that process.
The Board will continue its discussions from December 2016 on a possible amendment to IFRS 9 Financial Instruments in relation to symmetric prepayment options, to allow instruments with a prepayment options to qualify for amortised cost measurement. The staff are recommending that the Board proceed with an amendment.
The Board is currently preparing an exposure draft to clarify the difference between an accounting policy and a change in estimate. The staff will provide feedback on the testing of the proposed wording.
The Staff will also provide the IASB with a brief (ten minute) oral update on the insurance contracts project.
The Conceptual Framework session focuses on factors specific to initial measurement; the use of more than one measurement basis; and whether to confirm the proposals to update the references in Standards and Interpretations to the Conceptual Framework.
Our pre-meeting summaries are available on our January meeting note page and will be supplemented with our popular meeting notes after the meeting.