The new webcast is part of a series on the implementation of IFRS 17 and can be accessed on the IASB website. Earlier webcasts and webinars on IFRS 17 are available through an archive.

The ITCG discussed the following:

• Update on IFRS Taxonomy ac­tiv­i­ties related to certain publications expected to be issued in November.
• Proposed new data model for defined benefit plans.
• Updated on IFRS Taxonomy filing profiles and its future plans for the project.

For more in­for­ma­tion, see the summary on the IASB’s website.

The European national enforcers of financial information monitor and review financial statements published by issuers with securities traded on a regulated European market and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.

ESMA has developed a confidential database of enforcement decisions taken by individual European enforcers as a source of information to foster appropriate application of IFRS.

The publication of enforcement decisions is designed to inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS, i.e. whether the treatments are considered as being within the accepted range of those permitted by IFRS. ESMA considers the publication of the decisions, together with the rationale behind them, will contribute to a consistent application of IFRS in the European Union.

Topics covered in the latest batch of extracts, covering the period from June 2015 to February 2017, include:

Click for access to the full report (link to ESMA website). The ESMA has also published an updated overview of all enforcement decisions ever published.

The ED contains two approaches for accounting for social benefits, the obligating event approach and an optional insurance approach that is based on the assumption that some social benefits are similar in practice to insurance contracts.

Entities are permitted, but not required, to use the insurance approach where a social benefit scheme meets certain criteria. The ED does not include requirements for the insurance approach, but directs entities to apply relevant international or national accounting standards by analogy. The ED clarifies this to mean IFRS 17 Insurance Contracts or national standards that have adopted substantially the same principles as IFRS 17.

Please click to access the press release on the IPSASB website. The IPSASB's consultation page offers access to the ED and additional background material.

Comments are requested by 31 March 2018.

The purpose of the TRG is to seek feed­back on po­ten­tial issues related to im­ple­men­ta­tion of IFRS 17 Insurance Contracts. By an­a­lyz­ing and dis­cussing po­ten­tial im­ple­men­ta­tion issues, the TRG will help the IASB de­ter­mine whether ad­di­tional action is needed, such as pro­vid­ing clar­i­fi­ca­tion or issuing other guid­ance.

The agenda for the meeting is as follows:

Agenda papers for this meeting are avail­able on the IASB's Web site.

The amendments reflect the en­dorse­ment process on IFRS 15, Revenue from Contracts with Customers, and the amend­ments to IFRS 12 included in Annual Im­prove­ments to IFRS Standards 2014-2016 Cycle. For more information, see the press release and related documents on the ASBJ website (all documents available in the English language).

In addition, the ASBJ has issued JMIS Exposure Draft No. 5, Proposed amendments to “Japan’s Modified International Standards (JMIS): Accounting Standards Comprising IFRSs and the ASBJ Modifications,” which reflects the endorsement process on the amendments made by IFRS 9 (2014) and the Standards issued by the IASB as of 30 June 2017 and are effective on or after 1 January 2018. However, this endorsement does not include IFRS 16 Leases and IFRS 17 Insurance Contracts. For more information, see the press release and related documents on the ASBJ website (all documents available in the English language).

The new questions on the guidelines provide information on the definition of APMs, the scope of the APM guidelines, the application of the scope exemption, the definition of the APM ‘organic growth’, how to carry out reconciliation, and how to apply the fair review principle.

Please click for the following additional information on the ESMA website:

• press release
• expanded Q&A document
• final guidelines (as of June 2015)

Below is an analysis of all changes made to the work plan since our last analysis on 22 September 2017.

Main­te­nance project

• Accounting policy changes (changes in accounting policies that result from agenda decisions published by the IFRS Interpretations Committee) — exposure draft is now expected in first quarter of 2018.
• Classification of Liabilities — final amendments are now expected in the second half of 2018.
• Long-term interests in associates and joint ventures — the work plan reflects that the final amendments have been published.
• Improvements to IFRS 8 — Feedback statement on exposure draft is now expected in November 2017.
• Plan amendment, curtailment or settlement — final amendments are now expected in January 2018.
• Prepayment features with negative compensation — the work plan reflects that the final amendments have been published.

Research projects

• Financial in­stru­ments with char­ac­ter­is­tics of equity — a dis­cus­sion paper is now expected in the first half of 2018.
• Principles of disclosure — feedback statement on the discussion paper is now expected in the first quarter of 2018.

Other projects

• IFRS Taxonomy update for prepayment features with negative compensation — New entry added to work plan. Feedback statement on the proposed update is expected in the first quarter of 2018.

The above is a faithful com­par­i­son of the IASB work plan at 22 September 2017 and at 27 October 2017. For access to the current IASB work plan at any time, please click here.

ESMA considers the following key topics to be especially relevant for the examinations of listed companies' financial statements:

• disclosure of the expected impact of the implementation of major new standards (IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, and IFRS 16 Leases) in the period of their initial application and
• specific issues relating to IFRS 3 Business Combinations and IAS 7 Statement of Cash Flows.

In addition, this year’s priorities emphasise the importance of measurement and disclosure of non-performing loans by credit institutions, the ongoing relevance of the fair presentation of financial performance and the disclosure on the impact of Brexit.

ESMA also highlights that the 2017 year-end will be the first time that the requirements of the amended Accounting Directive to disclose non-financial and diversity information will become applicable for certain large groups and undertakings.

ESMA and European national enforcers will monitor and supervise the application of the IFRS requirements outlined in the priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. ESMA will collect data on how European listed entities have applied the priorities and will publish its findings in a separate report.

Please click for the following documents on the ESMA website:

• Press release
• Public statement on enforcement priorities, providing more background on each of the focus areas
• Results of a fact-finding exercise on disclosure of the impact of the new accounting standards (IFRS 9, IFRS 15) in the 2016 annual and 2017 interim IFRS financial statements

Participants and panellists were welcomed to the well-attended event by Paolo Gnes (President of the OIC Supervisory Board) and Jean-Paul Gauzès (EFRAG Board President) which then featured a keynote speech on the future focus of financial reporting by IASB member Françoise Flores as well as two roundtables on impact analysis (facilitated by Angelo Casò (Chairman of the OIC)) and on better communication through reporting (facilitated by Andreas Barckow (Vice-President of the EFRAG Board)).

The 17 page summary of the event is available on the EFRAG website.