IASB January 2009

The Board approved the project plan and a timetable for issuing improvements to IFRSs in April 2009, based on the exposure draft published in August 2008.

The Board reaffirmed seven of the proposed amendments on:

• Scope of IFRS 2 Share-based payment and revised
  IFRS 3 Business Combinations (IFRS 2)
• Disclosures of non-current assets (or disposal groups) classified as held for sale or discontinued operations
  (IFRS 5 Non-current Assets Held for Sale and Discontinued Operations)
• Classification of expenditures on unrecognised assets
  (IAS 7 Statement of Cash Flows)
• Determining whether an entity is acting as a principal or as an agent (IAS 18 Revenue)
• Unit of account for goodwill impairment test
  (IAS 36 Impairment of Assets)
• Additional consequential amendments arising from revised IFRS 3 (IAS 38 Intangible Assets)
• Measuring the fair value of an intangible asset acquired in a business combination (IAS 38)

The staff will present an analysis of the comment letters for three proposals in February:

• Disclosure of information about segment assets (IFRS 8 Operating Segments)
• Scope exemption for business combination contracts (IAS 39)
• Cash flow hedge accounting (IAS 39)

The Board will defer redeliberations of the remaining two proposals:

• Application of the fair value option (IAS 39)
• Bifurcation of an embedded foreign currency derivative
  (IAS 39)