The Chair and Vice-Chair of the International Accounting Standards Board (the Board) provide – in this new podcast – an update on the latest discussions and decisions by the Board during its January 2017 meeting.
Among the topics discussed are the upcoming insurance contracts Standard, the planned Post-Implementation Review of IFRS 13 (the fair value Standard), and the Board’s planned narrow-scope amendment to IFRS 9, the financial instruments Standard.
As Hans says, the Board is not aware of any big issues with IFRS 13 but the Post-implementation Review is an opportunity to deal with any issues before they become potential big issues. Sue explains that the Board will look at four areas as part of the Post-Implementation Review, including the effectiveness of the disclosure requirements.
Sue spoke about the Board’s proposed narrow-scope amendment to IFRS 9, and noted that the Board has undertaken to be responsive if needed if issues arise when people implement new Standards. The forthcoming proposal is consistent with that approach.
Finally, Hans provides an update on the Board’s plans for 2017. He notes that the most imminent ‘product’ to be expected under the Better Communication theme, which is central to the Board’s 2017-2021 work plan, will be a Discussion Paper on the Principles of Disclosure and the final version of the Materiality Practice Statement. Both are planned for the first half of the year.
Click here to listen to the new podcast.
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