The IASB discussed the topics for inclusion in the consultation summary and feedback statement on its 2011 agenda consultation 2011 and the Board's strategy for developing its technical programme.
The Board discussed the main messages that it received in response to the Request for Views Agenda Consultation 2011. These messages and responses will form the basis of the feedback statement.
The Board was asked whether:
- all the main messages received had been correctly identified;
- it agreed with the proposed responses to those messages; and
- Board members had any further comments to include in the feedback statement.
The Board also discussed how the feedback received should affect how the IASB's technical programme is developed.
The Board discussed the proposed changes to how it structures its technical programme, with the main recommendation being the development of a broader research and development programme that supports a smaller and more focused standards-level programme. The Board also considered recommended project-level priorities. These included restarting the conceptual framework project as well as a discussion of some specific topics identified for early assessment in accordance with the Board's agenda-setting priorities.
The Board unanimously supported:
- the IASB hosting a public forum to assess strategies for improving the quality of financial reporting disclosures, within the existing disclosure requirements.
- giving priority to work on the Conceptual Framework project and that the main focus should be on elements, measurement, presentation, disclosure and reporting entity.
- giving priority to:
- developing standards-level proposals for potential amendments to IAS 41 Agriculture (in relation to bearer crops); rate-regulated activities; and the equity method in separate financial statements; and
- re-commencing research on emissions trading schemes and business combinations under common control.
- initiating a research programme, focusing initially on discount rates; the equity method of accounting; extractive activities/intangible assets/R&D; financial instruments with the characteristics of equity; foreign currency translation; non-financial liabilities; and financial reporting in high-inflation and hyperinflationary economies.
- establishing a consultative group to assist the IASB with matters related to Shariah law.
The proposals discussed in this meeting will be presented to the IFRS Advisory Council in June 2012 for further discussion.