The IASB published its DP for comment on 28 June 2018. Final comments are due to the IASB by 7 January 2019.

While EFRAG supports changes to IAS 32 Financial Instruments: Presentation, in its draft comment letter, EFRAG explains several "reservations" it has about the amendments proposed in the DP. These reservations include:

• the balance of costs and benefits of the information provided by the attribution approaches;
• separate presentation in the statement of financial position and statement of financial performance of derivatives, embedded derivatives and hybrids;
• accounting for standalone derivatives to extinguish an equity instrument consistently with a compound instrument;
• the proposed removal of the foreign currency rights issue exemption;
• classification changes for financial instruments that do not raise concerns in practice.

The draft comment letter also discusses new terminology introduced by the IASB's DP:

EFRAG acknowledges that a better articulation of IAS 32’s underlying principles could be an effective way to improve the consistency, clarity and completeness of the requirements and would require new terminology. However, new terminology would also require preparers and auditors to reconsider a wide range of past classification decisions. Accordingly, this approach, while addressing various interpretive issues, will also cause some disruption, create additional costs for preparers and risks the emergence of new issues and uncertainties.

The letter also asks that the IASB consider accounting for all standalone and embedded derivatives and derivative assets and liabilities under the scope of IFRS 9.

Comments on EFRAG's draft comment letter are requested by 3 December 2018. For more information, see the press release and the draft comment letter on the EFRAG website. EFRAG has also released a four minute video introducing the draft comment letter.

The feedback statement describes the thirteen comments received by EFRAG in response to its draft comment letter on the IASB's March 2018 ED, and how these comments were considered by EFRAG in finalising its comment letter to the IASB.

For more information, see the press release and feedback statement on the EFRAG website.

The forum will bring academics and other stakeholders together so that the IASB can get a broader range of perspectives on important financial reporting topics. The deadline to register for the forum is 14 September 2018.

For more information, see the press release and event information here.

The topics discussed at the meeting included:

• IASB and IFRS Interpretations Committee update
• Targeted standards level review of disclosures project
• Primary financial statements — EBITDA and unusual or infrequently occurring items
• Primary financial statements — Improving the usefulness of disaggregation in the financial statements
• Business combinations under common control
• Management commentary

The next GPF meeting will be held on 6 November 2018; the next CMAC meeting will take place on 1 November 2018.

For more information, see the meeting page and the meeting summary 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.

EFRAG published its 2018 Research Agenda Consultation in April 2018 to solicit input on the strategic direction of its research activities.

The feedback statement summarises the main messages received from constituents and notes any key themes identified. Based upon the input received, the EFRAG Board will deliberate over the next few months which projects should be added to its Research Agenda.

A press release and the full feedback statement are available on the EFRAG website.

The webcast is presented in two parts:

• Part 1 discusses the measurement of the fulfilment cash flows
• Part 2 covers the contractual service margin and the scope and requirements of the variable fee approach

For more information, see the press release on the IASB’s website. In addition, earlier webcasts and webinars on IFRS 17 are available through an archive.

The proposed amendments to IPSAS 36 would converge IPSAS with the narrow-scope amendments to IAS 28 Investments in Associates and Joint Ventures made by the IASB in Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) issued October 2017.

The proposed amendments to IPSAS 41 would converge IPSAS with the narrow-scope amendments to IFRS 9 Financial Instruments made by the IASB in Prepayment Features with Negative Compensation (Amendments to IFRS 9) also issued October 2017.

Comments on the exposure draft are requested by 22 October 2018. It can be accessed here on the IPSASB website.

The statement sets out the need for a holistic approach to respond to increasing demand for disclosure of non-financial information, and notes that both financial and non-financial information should be subject to the same or similar frameworks and overarching principles. It also notes international take up of external reporting initiatives in a number of jurisdictions and at the IASB.

Please click to access the position statement on the website of the Australian government.

Her speech entitled ‘Check the numbers: Accounting information still matters to you, me and investors around the world’ covered (1) the relationship between accounting information and share prices, (2) whether current accounting practices and economic changes have diminished the role for accounting information, and (3) how the IASB is addressing issues raised by those who consider accounting has lost its relevance.

The full version of Ms Tarca’s speech is available on the IASB’s website.