The following topics were discussed:

Primary Financial Statements: The IASB discussed issues related to categories and subtotals, and issues related to IAS 29 and IAS 12. The IASB voted in favour of all staff recommendations on how to revise some of the proposals in the ED.

Equity Method: The IASB decided not to develop proposals on how an investor applies the equity method when an associate issues an equity-settled share-based payment or a share warrant. The IASB also decided to propose that on acquisition of an investment in an associate, an investor should recognise contingent consideration as part of the cost of the investment and measure that contingent consideration at fair value. Furthermore, the IASB will propose that after the acquisition date for contingent consideration classified as equity, an investor accounts for its subsequent settlement within equity, whereas for other contingent consideration, the investor measures contingent consideration at fair value at each reporting date and recognises changes in fair value in profit or loss.

Disclosure Initiative: Subsidiaries without Public Accountability—Disclosures: The IASB discussed feedback on proposed disclosure requirements in the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard (SMEs ED) and decided not to make further changes to the proposed disclosure requirements in the draft Standard based on comments received on the SMEs ED.

Rate-regulated Activities: The IASB continued redeliberating the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities (ED), in particular proposals on the measurement basis, cash-flow-based measurement technique and estimating uncertain future cash flows. The IASB decided to make further changes to these proposals when finalising the Standard.

Second Comprehensive Review of the IFRS for SMEs Accounting Standard: The IASB discussed the feedback received from comment letters and outreach events on the SMEs ED and decided to make changes to the proposed amendments in the ED for the clarification of the definition of public accountability.

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