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.

IPSAS 41 replaces IPSAS 29 Financial Instruments: Recognition and Measurement, and introduces:

• Simplified classification and measurement requirements for financial assets;
• A forward-looking impairment model; and
• A flexible hedge accounting model.

IPSAS 41 includes public sector-specific guidance and illustrative examples on: (1) financial guarantees issued through non-exchange transactions; (2) concessionary loans; (3) equity instruments arising from non-exchange transactions; and (4) fair value measurement.

For more information, see the press release, IPSAS 41, and At-a-Glance summary on the IPSASB website.

The standard defines the accounting principles for risk reserves in line with the best practices of financial reporting and risk management. The standard encourages but does not require maintaining adequate risk reserves to safeguarding the interest of profit and loss stakeholders particularly against various risks including credit, market, equity investment risks, as well as, the rate of return risk. Together wih FAS 30 Impairment, Credit Losses and Onerous Commitments, FAS 35 supersedes the earlier FAS 11 Provisions and Reserves and is effective for the financial periods beginning on or after 1 January 2021 with earlier adoption permitted.

The new standard can be accessed through the press release on the AAOIFI website.

The <IR> Academic Database is run on a voluntary basis by the<IR> Academic Network; a network that provides a space for connecting theory and practice by bridging academia to those who directly prepare and benefit from integrated reports.

Over 1,600 companies in 65 countries are using integrated reporting. Research included in the database concludes that integrated reporting leads to increased stock liquidity, better performance, higher market valuation and a longer-term investor base for the businesses that adopt it.

The database, which represents the most comprehensive collection of scholarly investigation into the impact of integrated reporting in the world, will be the focal point for academic research on integrated reporting in the future and provides opportunity for further study, complementing the IIRC’s global <IR> Academic Network.

The press release and the database, a freely available resource, can be found on the integrated reporting website.