Joint session with FASB
At the May and June joint meetings, the IASB and the FASB discussed the feedback received on their respective proposals on the classification and measurement of financial instruments. No tentative decisions were made at these meetings.
Agenda Paper 6
At the 23 July 2013 joint meeting, the staff presented to the IASB and the FASB a plan for the upcoming joint redeliberations of the boards’ respective classification and measurement proposals for financial instruments. The staff expect the joint redeliberations as well as the IASB-only redeliberations to be substantially completed by the end of 2013. The FASB will also continue to consider expeditiously the feedback received on its proposed Accounting Standards Update during the remainder of this year. The plan was provided for information purposes only and no tentative decisions were made.
At future joint meetings the staff will present a more detailed analysis of specific issues raised by the Exposure Draft and the Accounting Standards Update, starting in September with the contractual cash flow characteristics assessment for classifying financial assets and the business model for managing financial assets.
IASB-only education session
Agenda Paper 6A
On 24 July 2013 at an IASB-only session on the classification and measurement of financial instruments, the IASB discussed:
a. whether the own credit requirements in IFRS 9 should be made available for early application before the completed version of IFRS 9 is issued; and
b. whether the mandatory effective date of IFRS 9 should be deferred.
The IASB tentatively decided that the own credit requirements should be made available for early application before the completed version of IFRS 9 is issued. The necessary amendments to the transition provisions in IFRS 9 will be made at the same time as the forthcoming amendments that will add the Hedge Accounting chapter to IFRS 9. Thirteen IASB members agreed.
The IASB tentatively decided to defer the mandatory effective date of IFRS 9 and that the mandatory effective date should be left open pending the finalisation of the impairment and classification and measurement requirements. IFRS 9 would still be available for early application. Sixteen IASB members agreed.
No other IASB-only discussions on the classification and measurement of financial instruments are currently planned.