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Meeting Summaries and Observer Notes


 IASB May 2009


 

The Board published the Exposure Draft Additional Exemptions for First-time Adopters: Proposed amendments to IFRS 1 in September 2008. The Board considered the comments received on the ED proposals for oil and gas assets in April 2009. At this meeting, the Board discussed the comments received on the remaining proposals and decided tentatively:

  • that the proposed exemption for operations subject to rate regulation should apply to operations within the scope of the Board�s project on rate-regulated activities (see separate article below).
  • to defer finalising that exemption pending deliberations on the rate-regulated activities project. The Board will consider transition and first-time adoption for that project in
  • June 2009, in the light of comments received on this ED and the following tentative decisions.
  • that the exemption for operations subject to rate-regulation should also apply to qualifying intangible assets.
  • that use of that exemption should not require an entity to demonstrate that other alternatives are impracticable.
  • that an entity may use either the proposed exemption for operations subject to rate regulation or the existing exemption for borrowing costs, but not both.
  • that the exemption from determining whether an arrangement contains a lease should apply whether the previous GAAP standard was applied prospectively or retrospectively. Consequently, entities would asses all leases once � either in accordance with previous GAAP or at the date of transition to IFRSs.
  • to clarify that the exemption from determining whether an arrangement contains a lease would require that application of previous GAAP produced the same result as IFRS, rather than requiring the words of the standards to be identical.

The Board considered other matters raised in the comments on the ED and referred several of them to be considered in other projects.

The Board directed the staff to commence drafting final amendments to IFRS 1 to address the issues dealing with oil and gas assets and leases.

 

Date: 5/19/2009