CMAC call for members

16 May 2018

The IASB's Capital Markets Advisory Committee (CMAC) is currently seeking applications for membership after the terms of a number of members expire at the end of 2018.

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.

IFRS Foundation Annual Report 2017

14 May 2018

The IFRS Foundation has published its Annual Report for 2017, titled 'Financial reporting for the world economy'.

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.

May 2018 IASB meeting agenda posted

11 May 2018

The IASB has posted the agenda for its next meeting, which will be held at its offices in London on 22–23 May 2018. There are seven topics on the agenda.

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.

IFRS Interpretations Committee holds May 2018 meeting

11 May 2018

The IFRS Interpretations Committee met via video conference call on Wednesday 9 May 2018. We have posted Deloitte observer notes for the technical issues discussed during this meeting.

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.

Overview of proposed IAS 8 amendments

11 May 2018

The International Accounting Standards Board (IASB) has published a short overview of the exposure draft 'Accounting Policy Changes (Proposed amendments to IAS 8)'.

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.

Insurance contracts transition resource group holds second technical meeting

11 May 2018

The Transition Resource Group (TRG) for Insurance Contracts held its second technical 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. 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.

Agenda for the May 2018 Emerging Economies Group meeting

09 May 2018

The agenda is available for the upcoming meeting of the IASB's Emerging Economies Group (EEG), which is being held in Kuala Lumpur on 14–16 May 2018. As an optional session, the IFRS Foundation and the Malaysian Accounting Standards Board (MASB) will jointly host a workshop on IFRS 17 'Insurance Contracts' on 17 May.

The agenda for the meeting is sum­marised below:

Monday 14 May 2018 (09:00-18:00)

  • Address by hosting country
  • Address by IASB
  • Presentation and discussion on IFRS 16 Leases
  • Involuntary common infrastructure cost

Tuesday 15 May 2018 (09:00-16:15)

  • Digital currencies
  • Accounting for micro-entities
  • Accounting for private entities
  • Accounting for subsidiary entities
  • IASB update (including update on South Africa and Argentina issues)

Wednesday 16 May 2018 (09:00-12:30)

  • Initial feedback on the implementation of IFRS 9 in emerging economies
  • Consolidation of not-for-profit entities
  • Presentation of current/non-current assets

Thursday 17 May 2018 (09:00-17:45)

  • IFRS Foundation regional workshop on IFRS 17 Insurance Contracts

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

We comment on three IFRS Interpretations Committee tentative agenda decisions

09 May 2018

We have published our comment letters on IFRS Interpretations Committee tentative agenda decisions related to IAS 7 and IFRS 9, as published in the March 2018 IFRIC Update.

More information about the issues is set out below:


Agenda decision supported?

More information

IAS 7 — Classification of short-term loans and credit facilities


IFRS 9 — Classification of a particular type of dual currency bond

Yes; however, we are concerned that a statement only that “the financial instrument described in the request is not common” provides no guidance to preparers of financial statements and could give rise to divergence in practice

IFRS 9 — Hedge accounting with load following swaps

Yes; however, we are concerned that a statement only that “the financial instrument described in the request is not common” provides no guidance to preparers of financial statements and could give rise to divergence in practice 

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

AASB standard-setting frameworks finalised

09 May 2018

The Australian Accounting Standards Board (AASB) has finalised its standard-setting frameworks for both for-profit and not-for-profit entities.

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:

IASB issues podcast on latest Board developments

08 May 2018

The IASB has released a podcast featuring Chair Hans Hoogervorst, Vice-Chair Sue Lloyd, and education director Matt Tilling to discuss the deliberations at the April 2018 IASB meeting.

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.

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