The CMAC is a group of professional financial analysts who meet three times a year with members of the IASB to provide the views of professional investors on financial reporting issues.

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

The report for 2017 provides an overview of the IFRS Foun­da­tion’s ac­tiv­i­ties during the past year and sets out the Foun­da­tion’s and IASB’s priorities for 2018.

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

The Board will discuss the following:

• Primary financial statements:
  • Results from NSS disaggregation survey
  • Additional proposals on aggregation and disaggregation
  • Staff proposals on analysis of expenses
  • Outstanding issues on management performance measures (MPMs) and adjusted EPS
• Disclosure initiative — disclosure objectives
• Business combinations under common control
• Rate-regulated activities — measurement
• Goodwill and impairment
• Implementation of lease incentives (IFRS 16)
• Insurance contracts:
  • Summary of the TRG for IFRS 17 meeting held in May 2018
  • TRG for IFRS 17 submissions
  • TRG for IFRS 17 implementation challenges

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.

The Committee discussed two issues.

The accounting when an entity makes a voluntary payment to a tax authority in relation to a disputed amount was discussed initially in March. The paper includes a discussion on how the staff thinks the IAS 8 hierarchy should be applied when there is conflict between a definition in the new Conceptual Framework and a definition in IFRS Standards (and in the version of the Framework it is replacing). That matter will be taken back to the IASB.

The new issue relates to the Venezuelan Bolivar and its lack of exchangeability. This was a preliminary discussion on how, or whether, the Committee should respond. It will come back to the next meeting.

The staff also discussed work in progress.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

The proposed amendments would introduce a new threshold that requires a company to consider the expected benefits to users of financial statements and the cost to the company of applying accounting policy changes that result from IFRS Interpretation Committe agenda decisions retrospectively.

Please click to access the eight page overview on the IASB website.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. During the meeting, the TRG discussed the following:

• 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

A summary on the meeting and audio recordings of each session are available on the TRG meeting page on the IASB’s website. For more information, see Deloitte's related IFRS in Focus newsletter.

In addition, see the meeting summary and listen to the podcast on the IASB's website.

The agenda for the meeting is sum­marised below:

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

More information about the issues is set out below:

Click to access all our comment letters to the IASB, IFRS Foundation, and IFRS Interpretations Committee.

The frameworks set out how the AASB uses IFRSs as a base to develop, issue and maintain Australian Accounting Standards; and to help identify when the AASB should undertake a project to modify IFRS and the form and extent of such modifications.

The two new frameworks can be accessed on the AASB website:

• The AASB’s For-Profit Entity Standard-Setting Framework
• The AASB’s Not-for-Profit Entity Standard-Setting Framework

The 13-minute podcast features discussions of the following topics:

• Revised Conceptual Framework for Financial Reporting (issued March 2018);
• Projects on (1) primary financial statements and (2) goodwill and impairment;
• Definition of ‘material’;
• Updates on the work to develop an accounting model for business combinations between companies that are owned by the same parent company.

The podcast can be accessed through the press release on the IASB website. More information on the topics discussed is available through our comprehensive notes taken by Deloitte observers of the April 2018 meeting.