This month’s podcast features three members of the International Accounting Standards Board (Board). Chair Hans Hoogervorst, Nick Anderson and Ann Tarca are joined by Education Director Matt Tilling to summarise the main discussions during the November Board meeting as well as other events during the month, such as the meeting of the IFRS Foundation Trustees in Brazil.
The technical topics discussed are:
- Primary financial statements: Hans explains how this project fits into the bigger initiative under the banner Better Communication in Financial Reporting and Ann summarises the Board’s discussion on EBIT (earnings before interest and tax), focusing on the interest element and the discussion about potentially introducing an investing category in the income statement;
- Wider corporate reporting: Hans talks about the Board’s decision to add a new project to the work plan, to update the 2010 Management Commentary Practice Statement;
- Segment reporting: Hans explains how the current discussion about potential changes to the operating segments Standard, IFRS 8, stems from the post-implementation review on the Standard, while Nick provides an update on the consultation feedback to the Exposure Draft that was published earlier this year; and
- Dynamic risk management: Ann covers how this project links to IFRS 9, and summarises the Board’s discussion about two possible approaches to accounting for dynamic risk management.