IASB Update April 2016

Tags: IFRS

The topics for discussion at IASB's April meeting were amongst others insuranca and IFRS 9, Disclosure Initiative, Conceptual Framework as well as Goodwill and Impairment.

The Board continued its deliberations on the proposals in ED 2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4). In regard to the Disclosure Initiative project, the Board discussed the Materiality project and disclosures about restrictions on cash and about liquidity, as well as distinction between changes in accounting policies and changes in accounting estimates.

The Board also discussed the purpose of, status of, and departures from aspects of the Conceptual Framework as well as the approach to future revisions of the Conceptual Framework. The Board tentatively rejected the idea of publishing the Conceptual Framework without a chapter on measurement, and undertaking a research project to develop material that could be added to the Conceptual Framework at a later date. They also decided to provide high-level guidance on reporting financial performance in the Conceptual Framework.

Regarding Business Combinations under Common Control, the Board will discuss at future meetings the advantages and disadvantages of different alternatives for accounting for these transactions and consider which alternative(s) would provide the most useful information, and why.

At this meeting the Board continued its discussion from its March meeting about a possible modification to the impairment test to address investors’ concerns about the late recognition of impairment losses and the overstatement of goodwill.

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