The IASB discussed the feedback received at the FASB round-table meetings on the IASB staff draft Consolidated Financial Statements and the staff's proposals for how to address the concerns raised. The staff proposed providing clarifications in respect to the control principle, potential voting rights and the principal agent guidance. For details on the feedback received from those meetings and the staff's recommendations please refer to Agenda Paper 13A. The Board decided to proceed with finalising IFRS 10 Consolidated Financial Statements subject to the recommended clarifications noted in Agenda Paper 13A with one exception. Although, the Board tentatively agreed to include explanations in the Basis for Conclusions that security laws and regulations of different jurisdictions can have a significant influence on the rights of the shareholders and are therefore likely to affect the assessment of control, the Board did not agree to include an explanation that would refer to the capital market environment and cultures.
At the meeting the Board also discussed the effective date for IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, and IAS 28 Investments in Associates (as amended through the Joint Venture Project). The Board decided to defer its decision on the effective date on these forthcoming standards but tentatively agreed that it should not be earlier than 1 January 2013. The Board will discuss the effective date of those standards as well as their early application as part of the broader consideration of the feedback received from the consultation on the Request for Views on Effective Dates and Transition Methods.