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IASB Vice-Chair discusses IFRS 9

23 Apr 2018

IASB Vice-Chair Sue Lloyd has issued a paper which recaps the requirements in IFRS 9 for equity investments and the effects on long-term investment.

In her paper, she discusses the following:

  • IFRS 9 on long-term investment.
  • Reporting value changes in profit or loss gives better information about value creation over time.
  • Recycling can provide a confusing presentation of performance.
  • Debt investments are different.
  • Prohibiting recycling avoids complexity related to impairment.
  • Developing a new impairment model for equity investments is not an easy task.
  • Prevalence of available for sale equity investments applying IAS 39.

Ms Lloyd’s paper is available on the IASB’s website.

ESMA publishes 22nd enforcement decisions report

20 Apr 2018

The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 5, IAS 7, IAS 32, IAS1/IAS36, IFRS 3/IFRS 13/IAS 28, IFRIC 17, IAS 1, IFRS 10, IAS 8/IAS 21/IAS 29, and IAS 38.

The European national enforcers of financial information monitor and review financial statements published by issuers with securities traded on a regulated European market and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.

ESMA has developed a confidential database of enforcement decisions taken by individual European enforcers as a source of information to foster appropriate application of IFRS.

The publication of enforcement decisions is designed to inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS, i.e. whether the treatments are considered as being within the accepted range of those permitted by IFRS. ESMA considers the publication of the decisions, together with the rationale behind them, will contribute to a consistent application of IFRS in the European Union.

Topics covered in the latest batch of extracts, covering the period from August 2016 to July 2017, include:

Standard Topic
IFRS 5Non-current Assets Held for Sale and Discontinued Operations Classification of an asset that is not expected to be sold within one year
IAS 7Statement of Cash Flows Presentation and disclosure of restricted cash balances
IAS 32Financial Instruments: Presentation Perpetual notes classified as liabilities
IAS 1Presentation of Financial Statements
IAS 36 — Impairment of Assets
Disclosure of quantitative commodity price assumptions that have significant risk of resulting in material adjustments to carrying amount
IFRS 3Business Combinations
IFRS 13Fair Value Measurement
IAS 38 Intangible Assets
Purchase price allocation of a group of acquired assets
IFRIC 17 Distributions of Non-cash Assets to Owners Demerger and distribution of a segment to the issuer’s shareholders
IAS 1Presentation of Financial Statements Presentation of revaluation losses of assets used in operating activities
IFRS 10Consolidated Financial Statements Obtaining power over an investee following a tender offer
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 29 Financial Reporting in Hyperinflationary Economies
Lack of foreign currency exchangeability and hyperinflation  
IAS 38 Intangible Assets Amortisation of content rights for films and television programmes

Click for access to the full report (link to ESMA website). The ESMA has also published an updated overview of all enforcement decisions ever published.

Pre-meeting summaries for the April IASB meeting

20 Apr 2018

The IASB meets at its offices in London on Tuesday 24 and Wednesday 25 April 2018. 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 Board will discuss six topics.


Primary Financial Statements

At this meeting the Board will discuss clarifying the requirements for management performance measures (MPMs) and requirements for management-defined adjusted earnings per share (adjusted EPS) in the financial statements.

Business Combinations under Common Control

The purpose of this session is to provide an update to the Board on the approaches being developed by the staff for BCUCC transactions.  It is an education session, which means that Board members are not being asked to make any decisions.


Goodwill and impairment

The Board will continue its discussions on the goodwill and impairment research project. At this meeting it will be asked whether it wants to change the requirement to recognise all identifiable assets acquired in a business combination separately from goodwill and whether the next stage in the project should be to issue a Discussion Paper or an Exposure Draft.

Dynamic Risk Management [Macro-hedging]

The Board will discuss qualifying criteria for the financial liabilities used to determine an entity’s target profile, the designation and de-designation of financial liabilities within the Dynamic Risk Management (DRM) model and corresponding documentation requirements.

Disclosure Initiative – Definition of Material

In 2017 the IASB published a proposal to amend the definition of material in IAS 1 and IAS 8. The comment period closed in January 2018. At this meeting the Board will discuss a general summary of the comments received on the exposure draft to amend the definition of material in IAS 1 and IAS 8. The Board is not being asked to make any decisions.


The Board will review the activities of the IFRS Interpretations Committee. The discussion will include concerns raised by respondents about the Committee providing technical responses to highly-specific fact patterns submitted.

More information

Our pre-meeting summaries are available on our April meeting note page and will be supplemented with our popular meeting notes after the meeting.

IFRS Foundation issues supporting materials for the IFRS for SMEs Standard

19 Apr 2018

The IFRS Foundation has issued three stand-alone educational modules which support the learning, application, and reading of financial statements prepared with the IFRS for SMEs Standard.

The IFRS Foundation expects to issue stand-alone modules for each section of the 2015 IFRS for SMEs Standard (35 in total). The first three modules issued cover the following topics:

For more information, see the press release on the IASB’s website.

IFRS Foundation Monitoring Board publishes work plan

19 Apr 2018

The IFRS Foundation Monitoring Board (MB), responsible for the oversight of the IFRS Foundation, has published its 2018-2019 work plan.

The Monitoring Board's planned activities are organised into two sections:

  • Reviewing the Trustees’ oversight of the IASB
    • review and comment on the Trustees ́ plan for the review of the IASB ́s due process arrangements
    • continue the dialogue with the Trustees on accounting matters of broad public interest for consideration by the IASB
  • Monitoring and conferring with the Trustees on their responsibilities
    • continue its ongoing dialogue with Trustees on the efforts to strengthen the governance framework of the IFRS Foundation
    • follow up of the IFRS Reputation research report
    • discuss the progress and results of the IFRS Foundation’s exercise to identify and evaluate its operational risks
    • continue to review the adequacy and appropriateness of the Trustees’ arrangements for the IFRS Foundation’s funding
    • participate and provide input and help to the IFRS Foundation nomination and approval process for Trustee candidates, including the Chair

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

ASBJ and OIC hold joint meeting

19 Apr 2018

On 18 April 2018, the Accounting Standards Board of Japan (ASBJ) and the Italian standard-setter Organismo Italiano di Contabilità (OIC) held a joint meeting in Rome. The meeting was the second bilateral meeting between the two standard-setters.

In addition to giving updates on their respective standard-setting activities at the meeting, the two boards exchanged views on the EFRAG Discussion Paper Equity Instruments - Impairment and Recycling and IFRS implementation issues including revenue recognition, leases, financial instruments and insurance contracts. They also discussed other projects in which they both have an interest including separate finacial statements and virtual currencies.

For more information about the meeting, see the press release on the ASBJ website.

Insurance contracts transition resource group releases meeting agenda

18 Apr 2018

The IASB has released the agenda for IFRS 17 transition resource group (TRG) meeting on 2 May 2018.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. By analysing and discussing potential implementation issues, the TRG will help the IASB determine whether additional action is needed, such as providing clarification or issuing other guidance. This meeting will be the second meeting where technical matters will be discussed.

The agenda for the meeting is as follows:

Wednesday, 2 May 2018

  • Welcome and introductory remarks
  • Combination of insurance contracts
  • Determining the risk adjustment for non-financial risk in a group of entities
  • Cash flows within the contract boundary
  • Boundary of reinsurance contracts held with repricing mechanisms
  • Determining the quantity of benefits for identifying coverage units
  • Implementation challenges outreach report
  • Reporting on other questions submitted
  • Administrative matters

Agenda papers for this meeting are available on the IASB's website.

IPSASB publishes proposed 'Improvements to IPSAS, 2018'

17 Apr 2018

The International Public Sector Accounting Standards Board (IPSASB) has published an exposure draft 'Improvements to IPSAS, 2018', which sets out proposed amendments to International Public Sector Accounting Standards (IPSAS) to address issues raised by stakeholders and to converge with amendments to IFRSs.

The proposed IFRS convergence amendments reflect the following IASB amendments:

  • Annual Improvements to IFRSs 2011 – 2013 Cycle (issued December 2013)
  • Disclosure Initiative (Amendments to IAS 7) (issued January 2016)
  • Transfers of Investment Property (Amendments to IAS 40) (issued December 2016)
  • Annual Improvements to IFRSs 2014 – 2016 Cycle (issued December 2016)
  • IFRIC 22 Foreign Currency Transactions and Advance Consideration (issued December 2016)
  • Annual Improvements to IFRS Standards 2015 – 2017 Cycle (issued December 2017)
  • Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) (issued February 2018)

Please click to access the exposure draft Improvements to IPSAS, 2018 on the IPSASB website. Comments are requested by 15 July 2018.

April 2018 IASB meeting agenda posted

13 Apr 2018

The IASB has posted the agenda for its next meeting, which will be held at its offices in London on 24–25 April 2018. There are six topics on the agenda.

The Board will discuss the following:

  • Primary financial statement
  • Business combinations under common control
  • Goodwill and impairment:
    • Next stage in the research project
    • Recent feedback from CMAC and GPF
  • Dynamic risk management:
    • Designation and qualifying criteria
    • The dynamic nature of portfolios
  • Disclosure initiative: Comment letter feedback on ED/2017/6 Definition of Material (Proposed amendments to IAS 1 and IAS 8)
  • Implementation:
    • IFRIC Update — March 2018
    • IFRIC Update — January 2018
    • Interpretations Committee process

The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries as well as observer notes from the meeting on this page as they become available.

Agenda for the April 2018 ITCG meeting

11 Apr 2018

The agenda is available for the next meeting of the IFRS Taxonomy Consultative Group (ITCG), which will be held on 19 April 2018.

The agenda is summarised below:

Thursday 19 April 2018 (9:30-16:45)

  • Better communication theme — short update
  • Principles of Disclosure ― technology and digital reporting
  • IFRS Taxonomy — technology review
  • IFRS Taxonomy implementation support
    • Introduction
    • Breakout session
    • Report from breakout session
  • IFRS Taxonomy content — areas for discussion
  • Handling of entity-specific disclosures
  • Update by ITCG members on developments directly relating to the IFRS Taxonomy and/or the use of technology for financial reporting

Agenda papers for this meeting are available on the IASB website.

Correction list for hyphenation

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