Summary of the March 2017 GPF meeting

  • GPF meeting (mid blue) Image

07 Apr 2017

Representatives of the IASB met with the Global Preparers Forum (GPF) in London on Wednesday, 8 March 2017. Notes from the meeting have now been released.

The topics discussed at the meeting included:

  • IASB Update. Members were updated on the importance of post implementation reviews and the upcoming review of IFRS 13, a possible update of the the Practice Statement Management Commentary, and the research project on goodwill and impairment.
  • Implementation activities and maintenance projects. Topics covered included implementation support on IFRS 9, IFRS 15, and IFRS 16; educative guidance in recent agenda decisions published by the IFRS Interpretations Committee; and symmetric prepayment options (proposed amendments to IFRS 9) where an exposure draft is expected in April 2017. This section of the meeting also included the discussion of three issues in breakout groups:
    • Income tax consequences of payments on financial instruments classified as equity,
    • Long-term interest in associates and joint ventures, and
    • Interest and penalties related to income taxes.
  • Impairment of goodwill. The staff sought feedback from the GPF members on ideas for possible simplifications to the goodwill impairment testing requirements in IAS 36:
    • one-model approach,
    • relief from annual testing,
    • improving the value in use methodology, and
    • providing additional guidance on allocating goodwill.
  • IFRS Taxonomy. The staff introduced the new IFRS Taxonomy and explained that moving towards more electronic reporting would reduce the overall data information costs (not undisputed by GPF members as it might simply shifts costs from users to preparers), would give preparers back some control of the data, and lead to more standardised IFRS financial reporting (again questioned as preparers would still come under market pressure).
  • Business Combinations under Common Control. The staff provided an overview of the research results, discussed the its preliminary views on the issue, and explained the next steps of the project. Only a few GPF members provided questions or comments on the topic.

The next GPF meeting will be held on 15 and 16 June 2017 (joint meeting with the CMAC).

The full meeting summary is available on the IASB's website.

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