IASB daily staff Update—12 December 2013
The IASB held its public meeting for this month on 12 December 2013.
This staff Update is a draft summary of decisions taken by the IASB at today's meeting. These decisions are tentative and may be subject to change in future meetings. A final summary will be published in the December IASB Update.
The topics discussed at today's IASB meeting were:
Post-implementation Review of IFRS 3 Business Combinations
The IASB considered an updated version of the tentative questions to be included in the Request for Information (RfI).
The IASB was also informed about the input received from the Accounting Standards Advisory Forum (ASAF) on those tentative questions, and noted that the ASAF members generally agreed with the areas covered and with the tentative questions suggested.
Next steps
The IASB plans to publish the RfI by the end of January 2014.
IFRIC Update
The IASB received an update from the November 2013 meeting of the IFRS Interpretations Committee. Details of this meeting were published in the IFRIC Update, which is available by clicking here.
Clarification of Acceptable Methods of Depreciation and Amortisation (Proposed amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets)
The IASB staff explained the due process steps undertaken by the IASB in completing the narrow-scope amendments to IAS 16 and IAS 38 on the ‘Clarification of Acceptable Methods of Depreciation and Amortisation’.
Agenda Paper 12B: Narrow-scope amendment: IAS 16 and IAS 38
Due process consideration
All IASB members agreed that:
No IASB members indicated that they intend to dissent to the publication of the final amendments to IAS 16 and IAS 38.
Next steps
The IASB plans to publish the final amendments to IAS 16 and IAS 38 in Q1 2014.
Annual Improvements—IFRS 1 First-time Adoption of International Financial Reporting Standards—Short term exemptions from IFRSs
The IASB discussed whether some of the short-term exemptions in Appendix E of IFRS 1 First-time Adoption of International Financial Reporting Standards should be deleted, after those short-term exemptions have served their intended purpose.
The IASB tentatively decided to propose the deletion of the short-term exemptions in paragraphs E3-E7 of IFRS 1 with an effective date of annual periods beginning on or after 1 July 2016. It also tentatively decided to propose the deletion of the short-term exemption relating to the amendment to IFRS 7 Financial Instruments: Disclosures that was proposed in the Exposure Draft Annual Improvements 2012-2014 Cycle published in December 2013, but with an effective date of annual periods beginning on or after 1 January 2018. The IASB decided to include these proposed amendments in the Exposure Draft Annual Improvements 2013-2015 Cycle.
All IASB members agreed with these decisions.
Next steps
The IASB plans to publish the Exposure Draft Annual Improvements 2013–2015 Cycle for comment in the third quarter of 2014.
Financial Instruments: Classification and Measurement
The IASB discussed the fair value option and tentatively decided to confirm the proposal in its recent Exposure Draft to extend the current fair value option in IFRS 9 Financial Instruments to financial assets that would otherwise be mandatorily measured at fair value through other comprehensive income. Thus an entity may measure these financial assets at fair value through profit or loss if doing so would eliminate or significantly reduce a measurement or recognition inconsistency (sometimes referred to as an ‘accounting ‘mismatch’). That designation would be permitted only at initial recognition and would be irrevocable.
Fifteen members agreed. One member was absent.
Next steps
The IASB will consider the remaining aspects of its proposals at a future meeting with the aim of issuing the limited amendments to IFRS 9 in the first half of 2014.
The reports for the following sessions were not available for inclusion in today's daily Update and will be included the full December Update:
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