IASB Meeting July 2012
Scheduled meeting of the IASB.
The meeting will take place on the 16 to 20 July 2012
Location: IASB Boardroom, First Floor, 30 Cannon Street, London EC4M 6XH
To register for this meeting, please send an email to firstname.lastname@example.org. Please state your name, company, and details of which days/sessions you would like to attend
You can register for this webcast any time up to the webcast starting. Shortly after the webcast has finished, a recording of this webcast / meeting will be available from the link below for a further 90 days. After 90 days, the recording will be available from the relevant project pages.
|Monday 16 July
||15:30 – 17:15
|Tuesday 17 July
||09:00 – 17:45
|Wednesday 18 July
||08:30 – 17:30
|Thursday 19 July
||09:00 – 18:00
|Friday 20 July
||09:00 – 12:15
Agenda papers to be discussed
The following agenda papers will be discussed at this week's meeting, to access, click on the titles below. Any changes to dates will be posted in red.
||Agenda paper 1: IASB Update [PDF]
||Cover sheet – Insurance contracts
he IASB will be given an update on the Insurance Working Group meeting held on 25 and 26 June 2012.
|Agenda Paper 2: Insurance Contracts: Update from Insurance Working Group meeting on 25 and 26 June 2012 [PDF]
||Cover sheet: Leases
The IASB and FASB will have decision-making sessions on:
- Lessee accounting—transition, presentation and disclosure relating to leases for which the lessee would recognise a single lease expense in its statement of comprehensive income.
- Lessor receivable and residual approach—how the lessor would measure the underlying asset if the lease terminates prematurely.
- Interim disclosures—whether the interim reporting standards should be amended to require specific lease disclosures in a lessee or lessor’s interim financial statements.
- Exposure Draft comment period and permission to begin drafting—the length of the comment period and whether the staff can begin the drafting process.
The IASB will discuss whether it has complied with its due process steps in published a revised Exposure Draft.
|Agenda Paper 3: Leases: Cover paper
Agenda Paper 3A: Leases: Lessee—Statement of Financial Position
Agenda Paper 3B: Leases: Lessee—Statement of Cash Flows
Agenda paper 3C: Leases: Lessee disclosures
Agenda Paper 3D: Leases: Lessee transition—measurement of the ROU asset
Agenda Paper 3E: Leases: Lessor accounting: measurement of the underlying asset when a lease terminates prematurely
Agenda Paper 3F: Leases: Interim disclosures
Agenda paper 3G: Leases: Exposure Draft comment period and permission to begin the balloting process
Agenda Paper 3H: Leases: Due Process [Zip file]
||Cover sheet – Accounting for Macro Hedging
The Board will discuss multi-dimensional risk management objectives, represented by the use of an ‘equity model book’, and their implications for the accounting model for macro hedging. This discussion continues the “11 steps” that the Board started discussing at its November 2011 meeting.
|Agenda paper 4: Accounting for Macro Hedging – Multi-dimensional risk management objectives (Step 7) [PDF]
||Cover sheet – FI: Impairment
At this joint meeting the boards will discuss the joint disclosures and whether (and if so how) the impairment proposals should include loan commitments and financial guarantee contracts.
At this IASB only meeting the board will discuss the following:
a) The disclosure proposals specific to IFRS.
b) The disclosure and presentation of interest revenue.
c) Interest revenue on financial assets that are credit-impaired.
d) The application of the proposed impairment model to financial assets reclassified from fair value through profit or loss to amortised cost or fair value through other comprehensive income.
e) Transition provisions.
|Agenda paper 5: Impairment: Cover note
Agenda paper 5A : Impairment: Impairment—Disclosures
Agenda paper 5B : Impairment: Disclosure – IASB only
Agenda paper 5C: Impairment - Discusses the disclosure and presentation of interest revenue
Agenda paper 5D: Impairment - Discusses interest revenue on financial assets that are credit-impaired
Agenda paper 5E: Impairment: Loan commitments
Agenda paper 5F: Impairment - Reclassifications
Agenda paper 5G: Impairment: Transition
Agenda paper 5H: Impairment: Summary of decisions to date (information only) [Zip file]
||Cover sheet – Classification & Measurement
In May 2012, the boards discussed reclassification of financial assets and the IASB tentatively decided to extend the existing reclassification requirements in IFRS 9 Financial Instruments to the FVOCI category, that is to require prospective reclassification of financial assets when the business model changes. This session will discuss the accounting mechanics for reclassifications of eligible debt instruments into and out of the FVOCI measurement category and the related disclosures.
in addition, the staff will ask the Board to discuss transition provisions in the light of the proposed modifications to the classification and measurement requirements in IFRS 9. The Board will also discuss whether additional disclosure requirements are needed as a result of those proposed modifications.
|Agenda paper 6: Classification & Measurement – Cover paper
Agenda paper 6A: Classification & Measurement - Reclassifications paper
Agenda paper 6B: Classification and measurement: Initial application of modified classification and measurement requirements
Agenda paper 6C: Classification and measurement: Other transition issues
Agenda paper 6D : Classification and measurement: Additional disclosures [Zip file]
||Cover sheet – Revenue Recognition
The IASB and FASB will have decision-making sessions on:
- Identifying separate performance obligations: clarifying the criteria for identifying separate performance obligations and distinct good and services
- Performance obligations satisfied over time: clarifying the criteria in paragraph 35
- Licenses and rights to use
Identifying onerous losses arising from contracts with customers
|Agenda paper 7 : Revenue recognition: Cover note
Agenda paper 7A : Revenue recognition: Identifying separate performance obligations
Agenda paper 7B: Revenue recognition: Identifying separate performance obligations – examples
Agenda paper 7C : Revenue recognition: Performance obligations satisfied over time
Supplement to July 2012 Agenda Paper 7C: Revenue Recognition – Performance obligations satisfied over time posted 17 July
Agenda paper 7D : Revenue recognition: Licenses and rights to use
Supplement to July 2012 Agenda Paper 7D: Revenue Recognition – Licenses posted 17 July
Agenda paper 7E : Revenue recognition: Identifying onerous losses [Zip file]
||Cover sheet – Investment Entities
Joint board meeting
The IASB and the FASB will discuss:
a) The relationship between the definition of an investment entity and the factors to consider.
The IASB will discuss:
a) whether to extend the exception to consolidation to an insurer’s insurance investment fund subsidiaries;
b) the reassessment requirements;
c) the disclosure requirements;
d) the transition requirements and effective date;
e) other sweep issues; and
f) whether all due process steps have been followed in the Investment Entities project
|Agenda paper 8A: Investment Entities: Definition and Factors
Agenda Paper 8B: Investment Entities Extension to exception to consolidation
Agenda Paper 8C: Investment Entities Sweep issues
Agenda Paper 8D: Investment Entities Reassessment
Agenda Paper 8E: Investment Entities Disclosures
Supplement to July 2012 Agenda Paper 8E: Investment Entities – Disclosures posted 18 July
Agenda Paper 8F: Investment Entities Transition
Agenda paper 8G : Investment Entities: Due Process [Zip file]
||Cover sheet – Due Process
In 2011 and 2012 the Due Process Oversight Committee (DPOC) has been working with the staff and Board to develop due process reporting protocols. These protocols are designed to help the IASB demonstrate that it is using its due process efficiently and effectively in the development of Standards and Interpretations. As well as this regular reporting of the due process steps being applied in a particular project, the new Handbook proposes that the staff be required to prepare for the Board, and DPOC, several summary reports each year.
There are four main papers for this session, each of which is a report on the activities identified in the due process handbook: Comment Letters
Availability of Meeting Papers; Consultative Groups; and Market and Prudential Regulators.
|Agenda paper 9: Due Process: Cover paper
Agenda paper 9A: Due Process: Comment Letters
Agenda paper 9B: Due Process: Availability of meeting papers
Agenda paper 9C: Due Process: Consultative Groups
Agenda paper 9D: Due Process: Market and Prudential Regulators [Zip file]
||Cover sheet – IAS 28 Issue
The Board will discuss the following issue:
In June 2012, the IASB discussed an amendment to IAS 28 proposed by the IFRS Interpretations Committee. The IASB preferred a simpler approach that would address all types of other net asset changes. The IASB noted three views for where an investor could recognise such changes: investor’s equity, investor’s OCI or investor’s profit or loss. In order to decide which presentation would be preferable, the IASB asked the staff to bring back a paper analysing the views to the next meeting..
|Agenda paper 10: IAS 28 issue : Application of equity method when an associate/joint venture’s equity changes outside of comprehensive income [PDF]