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  • IFRS for SMEs — Comprehensive review 2012-2014
    that arose in the drafting of the forthcoming amendments to IFRS for SMEs the transition requirements for the revaluation option for property plant and equipment PPE IFRS for SMEs 16 Dec 2014 The Board was presented a due process paper asking the Board a to agree that no re exposure was necessary b whether any member intended to dissent and c to confirm that all necessary steps had been observed IFRS for SMEs 19 Nov 2014 The Board discussed the main issues raised by respondents to the proposed amendments to the International Financial Reporting Standard for Small and Medium sized Entities in October 2014 The remaining issues were discussed in this session The Board tentatively decided to i amend the requirements for income taxes to closely align them to IAS 12 ii require additional disclosures for each undue cost or effort exception used iii amend the definition of basic financial instruments iv amend the requirements for accounting for subsidiaries acquired with the intention of sale v amend the requirements for distribution of non cash assets and vi transition provisions The Board also tentatively decided to add clarifications for i offsetting income taxes and liabilities ii accounting for extractive activities and iii best evidence of fair value IFRS for SMEs 23 Oct 2014 The Board was provided with an overview of the comprehensive review of IFRS for SMEs as a result of comments received from the Exposure Draft on proposed amendments to the IFRS for SMEs Board members also received an update on the progress of the SME Implementation Group SMEIG and the results of the outreach activities conducted by the staff The Board tentatively decided i not to change the scope of IFRS for SMEs ii to allow an accounting policy option for revaluation of property plant and equipment and iii not to allow accounting policy options for capitalisation of borrowing and development costs Finally in relation to the incorporation into IFRS for SMEs of new and revised standards the Board tentatively decided i to amend the definition of a related party and ii to add the equity method option to account for investments in subsidiaries associates and joint ventures in separate financial statements IFRS for SMEs Education session 20 May 2014 The staff provided an overview of the responses to the proposed amendments to IFRS for SMEs The Board discussed some of the issues raised by respondents As this was an education session the Board was not asked to make any decisions Comprehensive review of the IFRS for SMEs 23 Jul 2013 The Board reviewed the due process steps taken in the comprehensive review of the IFRS for SMEs and decide whether the staff can begin the balloting process for an Exposure Draft of proposed amendments to the IFRS for SMEs Comprehensive Review of the IFRS for SMEs IASB only 19 Jun 2013 The Board discussed the revised draft of Section 29 Income Tax and seven additional issues raised outside of the IASB s Request for Information where the

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/ifrs-for-smes-comprehensive-review-2012 (2016-02-10)
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  • Improvements to existing International Accounting Standards (2001-2003)
    Annual improvements 2013 2015 cycle Improvements to existing International Accounting Standards 2001 2003 Annual improvements 2012 2014 cycle Info Improvements to existing International Accounting Standards 2001 2003 Background This project covers a variety of issues related to identified problems with implementing existing International Accounting Standards issued by IASC predecessor to the IASB The issues addressed are those that have been identified by various sources as narrow issues of substance whose resolution could improve the quality of the IASC standard and or increase convergence of national and international standards Also included are issues for which an IASC standard allows explicit or implicit alternative treatments Sources of improvements issues include IOSCO national standard setters international accounting firms and the SIC Topics for improvements are broadly of six types Elimination of choices explicit or implicit Elimination of conceptual inconsistencies between IASs Additional guidance Additional disclosure Drafting improvements Improvements in the structure In April 2001 IASB requested ideas for possible improvements to IAS It received responses from 40 organisations totalling over 1 000 pages IASB appointed a subcommittee of IASB members Robert Herz Gilbert Gelard James Leisenring and Warren McGregor to consider all proposed improvements and to make recommendations to the Board Current status of the project This project has been completed The IASB published 13 revised International Accounting Standards IASs and withdrew another on 18 December 2003 Project milestones Date Development Comments July 2001 Added to the IASB agenda 15 May 2002 Exposure Draft Improvements to International Accounting Standards published Comment deadline 16 September 2002 18 December 2003 Revised versions of the following IASs issued IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 8 Accounting Policies Changes in Accounting Estimates and Errors IAS 10 Events after the Balance Sheet Date IAS 16 Property Plant and Equipment IAS 17 Leases IAS 21

    Original URL path: http://www.iasplus.com/en/projects/completed/aip/project86 (2016-02-10)
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  • Insurance contracts — Phase I
    a comprehensive project on accounting for insurance contracts that the IASC started in April 1997 The IASC had published an issues paper in November 1999 The IASB continued the work that the IASC had begun but realised that it was not feasible to complete the comprehensive project in time for the adoption of IFRS by European listed companies in 2005 Nonetheless the IASB recognised that some guidance is needed before 2005 because accounting for insurance contracts under IFRS at the moment is diverse and quite unique relative to other industries Also the existing IFRS that are most relevant to accounting for insurance contracts IAS 32 37 38 and 39 exclude insurance contracts from their scopes At its May 2002 meeting the IASB agreed to split the insurance contracts project into two phases so that some components of the project can be put in place by 2005 without delaying the rest of the project The first phase addressed the application of existing IFRSs to entities that issue insurance contracts Phase II is a comprehensive project on accounting for insurance contracts addressing on a fresh start basis all issues unique to insurers Background and scope of Phase I project The first phase addresses the application of existing IFRSs to entities that issue insurance contracts The Board discussed whether each of the following issues should be identified as matters to be addressed in the first phase Agree on a definition of insurance contracts The existing definitions in IAS 32 and IAS 39 are not consistent with those in IAS 37 and IAS 38 and also are not consistent with certain aspects of the definition of insurance contracts used in US GAAP Presentation and disclosure including consideration of how insurers might give the disclosures about measurement assumptions proposed by the Improvements Project to be added to IAS 1 Implementation guidance for applying IAS 39 to those contracts issued by insurers as well as other financial institutions that do not qualify for the insurance contracts scope exclusion of IAS 39 particularly guidance with respect to embedded derivatives such as renewal options and participation features Provide guidance on identifying and measuring derivatives that are embedded in insurance contracts including guidance on which such derivatives are closely related to their host insurance contract Elimination of a limited number of existing practices that are incompatible with the IASB Framework for example the elimination of catastrophe and equalisation provisions that do not represent liabilities as defined in the Framework A review of the implications to insurance entities of the hierarchy of pronouncements that an entity is required to consider in the absence of an IFRS The IASB has proposed to add that hierarchy as part of its improvements to IAS 8 Derecognition guidance on applying the proposed no continuing involvement derecognition approach to insurance contracts Guidance on accounting by policy holders Current status of the project This project has been completed IFRS 4 Insurance Contracts was issued on 31 March 2004 Project milestones Date Development Comments 31 July 2003

    Original URL path: http://www.iasplus.com/en/projects/completed/other/project83 (2016-02-10)
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  • Joint arrangements
    effective date of 1 January 2013 with early application permitted if all five standards are early adopted and limited retrospective application Joint arrangements Education session 20 Jan 2011 The staff presented the Board with an overview of the forthcoming IFRS on Joint Arrangements Consolidation 15 Dec 2010 The IASB 1 discussed a summary of the feedback received from participants during the FASB s two public roundtables held in November 2010 2 debated the effective date for IFRSs on consolidation joint arrangements and disclosure of involvement with other entities Joint Ventures 10 Jun 2010 The Boards discussed sweep issue on Joint Arrangements Joint Ventures 19 May 2010 The Board discussed the application of IFRS 5 to loss of joint control disclosures and transition Joint Arrangements 16 Mar 2010 The Board discussed matters related to transition and disclosure Joint Arrangements Disclosures and transition for associates as well 16 Mar 2010 The Board discussed the disclosure requirements for joint arrangements and associates IAS 28 Partial use of fair value for measurement of associates 04 Mar 2010 The staff informed the IFRIC about the decision of the IASB at the February meeting to include this amendment to IAS 28 as part of the final IFRS on Joint Ventures IFRS 5 Application of IFRS 5 to loss of significant influence over an associate or a jointly controlled entity 04 Mar 2010 The IFRIC considered application of IFRS 5 to loss of significant influence over an associate or jointly controlled entity Joint Ventures 19 Feb 2010 The Board addressed scope section and loss of joint control section of the proposed Standard Other matters 10 Feb 2010 The Boards discussed where to address contingent consideration and partial use of fair value for measurement of interest in joint ventures IAS 28 Partial use of fair value for measurement of associates 07 Jan 2010 The IFRIC discussed the comment letters received in response to the IASB proposals to allow partial use of fair value for measurement of associates in consolidated financial statements and also considered the possible impacts on IAS 31 and the IASB s joint arrangements project Joint ventures 15 Dec 2009 The Board discussed the inconsistency between the requirements in IAS 27 and SIC 13 and the consequential amendments to IAS 28 Joint Ventures Exposure Draft 9 18 Jun 2009 The Board discussed parties to joint arrangements that do not share in joint control clarification of the accounting requirements for joint operations and next steps Joint Ventures 20 May 2009 The Board discussed joint ventures Joint Arrangements Joint Ventures 17 Apr 2008 The staff presented an analysis of the comment letters received on the exposure draft ED 9 Joint Arrangements the ED Joint Ventures 20 Jul 2007 The Board discussed a sweep issue raised by one Board member on review of the pre ballot draft of the proposed amendments to IAS 31 Interests in Joint Ventures ED Joint Ventures 21 Jun 2007 The Board discussed several sweep issues identified in drafting the exposure draft of proposed amendments

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/joint-arrangements (2016-02-10)
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  • Management commentary
    Financial statement presentation Comprehensive project Financial statement presentation Financial statements and comparatives Financial statement presentation Other comprehensive income IAS 1 Disclosures about going concern IAS 24 State controlled entities and definition of related party IAS 34 Disclosures in interim reporting periods IFRS 5 Definition of discontinued operations IFRS for small and medium sized entities IFRS for SMEs Comprehensive review 2012 2014 Management commentary Reporting comprehensive income performance reporting Segment reporting Convergence issues Info Management commentary Background The objective of this project is to develop a model for a narrative report that would accompany but be presented outside of the financial statements setting out management s explanation of the enterprise s financial condition changes in financial condition results of operations and causes of changes in material line items The output of the project will be a best practice guidance document rather an an IFRS Current status of the project This project has been completed The IASB issued IFRS Practice Statement Management Commentary on 8 December 2010 Project milestones Date Development Comments 27 October 2005 Discussion Paper Management Commentary published Comment deadline 28 April 2006 23 June 2009 Exposure Draft ED 2009 9 Management Commentary published Comment deadline 1 March 2010 8 December 2010 IFRS Practice Statement Management commentary issued An entity may apply the Practice Statement to management commentary presented prospectively from 8 December 2010 Related Discussions Management commentary 14 Sep 2010 The IASB discussed the status of the Management Commentary project Agenda Proposals 12 Dec 2007 The staff presented the Board with four agenda proposals They are 1 intangibles 2 emissions trading and government grants 3 common control transactions and 4 management commentary All Related Quick links IFRS Practice Statement Management Commentary Related news IASB publishes IFRS Practice Statement on Management Commentary 08 Dec 2010 Live webcasts on Management Commentary

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/project60 (2016-02-10)
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  • Post-employment benefits — Discount rate
    rate IAS 19 Distinction between curtailments and past service cost IAS 19 Distinguishing between defined benefit and defined contribution plans hybrid plans IAS 19 Effect of minimum funding requirements on asset ceiling IAS 19 Employee benefit plans with a promised return on contributions or notional contributions IAS 19 Employee contributions to defined benefit plans IAS 19 Multiemployer plan exemption IAS 19 Termination benefits IAS 19 The asset ceiling IFRIC 14 Voluntary prepaid contributions under a minimum funding requirement Post employment benefits Amendments to IAS 19 Post employment benefits Discount rate Info Post employment benefits Discount rate Background This IASB project was to consider an amendments to paragraph 78 of IAS 19 Employee Benefits 1998 to remove the requirement to use a government bond rate when there is no deep market in high quality corporate bonds Instead the objective should be to estimate the rate for high quality corporate bonds in all cases The project arose because of the significant widening of the spread between yields on corporate bonds and yields on government bonds as a result of the global financial crisis The use of different rates under IAS 19 means that entities with similar employee benefit obligations can report them at very different amounts Current status of the project The IASB discontinued this project The IASB published an exposure draft in August 2009 but on the basis of constituent feedback decided against amending IAS 19 in favour of considering this issue as part of its comprehensive project on post employee benefits Project milestones Date Development Comments July 2009 Added to the IASB s agenda 21 August 2009 Exposure draft ED 2009 10 Discount Rate for Employee Benefits proposed amendments to IAS 19 published Comment deadline 30 September 2009 October 2009 IASB discontinued work on this project The issue will be

    Original URL path: http://www.iasplus.com/en/projects/completed/employee-benefits/post-employment-benefits-2013-discount-rate (2016-02-10)
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  • Post-employment benefits – Amendments to IAS 19
    benefits and other comprehensive income effective dates 17 Mar 2011 The IASB reconfirmed their previous decisions on effective date and transition requirements for the projects on other comprehensive income and post employment benefit plans Post employment benefits 15 Feb 2011 The IASB considered the following topics 1 p resentation of remeasurements 2 feedback on tentative decisions to date 3 project status 4 effective date of any amendments and transitional requirements Post employment benefits 02 Feb 2011 The IASB 1 received an updated timetable for issue of the standard 2 discussed the distinction between defined benefit plans and defined contribution plans 3 considered the accounting for risk sharing features in a defined benefit plan Post employment benefits 21 Jan 2011 The IASB 1 reconsidered an earlier tentatively decision to retain the option of presenting the remeasurement component in either profit or loss or other comprehensive income 2 interactions between the projects on IAS 19 and IAS 37 Fair value measurement 17 Dec 2010 The IASB and FASB discussed IAS 19 plan assets measured at fair value measuring the fair value of a liability issued with an inseparable third party credit enhancement and disclosures about fair values with modifications such as fair value less costs to sell Post employment benefits 13 Dec 2010 The staff presented the IASB with an analysis of the responses received on the Exposure Draft Defined Benefit Plans Topics included 1 past service costs curtailments and settlements 2 multi employer plans 3 tax and administration costs 4 mortality assumptions 5 incorporating IFRIC 14 6 identification of back end loaded plans 7 interim reporting 8 state plan and group plan disclosures Post employment benefits 16 Nov 2010 The IASB continued its discussion of the proposals in the exposure draft Defined Benefit Plans In response to the main issues raised by respondents the staff developed recommendations for specific disclosure presentation and classification items Post employment benefits 20 Oct 2010 The IASB discussed 1 comments received on the Exposure Draft Defined Benefit Plans 2 the recognition of changes in the defined benefit liability or asset 3 the disaggregation of changes in the defined benefit liability or asset into the service cost finance cost and remeasurement components 4 the definition of the finance cost component Post employment benefits 16 Sep 2010 The IASB considered a very broad summary of the feedback received from the extensive outreach activities conducted during the exposure period of the ED Defined Benefit Plans including an overview of the main issues raised by participants Post employment benefits 18 Feb 2010 The Board discussed a proposed disclosure package to accompany the forthcoming exposure draft of amendments to IAS 19 Employee Benefits Post employment benefits 21 Jan 2010 The staff presented proposed disclosure requirements on the disaggregation of information about actuarial gains and losses arising on the defined benefit obligation and to the total amount of post employment benefit expense in the period Post employment benefits 22 Oct 2009 The Board discussed proposed amendment of IFRIC 14 and IAS 19

    Original URL path: http://www.iasplus.com/en/projects/completed/employee-benefits/amendments-to-ias-19 (2016-02-10)
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  • Post-implementation review — IFRS 3
    fair value of the assets acquired is concentrated in a single asset or group of similar assets needed or workable b Are there circumstances under which the acquisition of an outsourcing agreement would represent acquisition of a substantive process c What is the impact of the proposed changes on vertical integration d Can examples be added for financial institutions and extractive activity entities Goodwill and impairment 18 Nov 2015 Following the post implementation review PIR of IFRS 3 several projects related to IFRS 3 were added to IASB s research agenda The IASB started its discussions on the first two of these topics at the October 2015 and discussed identification and measurement of intangible assets in a business combination at this meeting In addition the IASB also considered the feedback received so far about what users of financial statements want to receive about goodwill and impairment The IASB was not be asked to make any decisions in this meeting The purpose of the session was for the IASB to consider what additional information they need before discussing the most appropriate due process document to work towards discussion paper or exposure draft and to be in a position to discuss any of the topics with the FASB Definition of a business 22 Oct 2015 Following the post implementation review PIR of IFRS 3 several projects related to IFRS 3 were added to IASB s research agenda At their joint meeting in September the IASB and FASB discussed their respective projects related to their Business Combinations Standards and how the boards could work together on these projects At this meeting the IASB started its discussions of two of these projects 1 definition of a business and 2 goodwill and impairment Goodwill and impairment 22 Oct 2015 Following the post implementation review PIR of IFRS 3 several projects related to IFRS 3 were added to IASB s research agenda At their joint meeting in September the IASB and FASB discussed their respective projects related to their Business Combinations Standards and how the boards could work together on these projects At this meeting the IASB started its discussions of two of these projects Definition of a business and Goodwill and Impairment Business combinations including the post implementation review follow up projects 23 Sep 2015 In this joint session the IASB and FASB the boards discussed their respective projects related to their Business Combinations Standards including the timing and overlap of the projects These projects covered the definition of a business accounting for intangible assets acquired in a business combination accounting for goodwill and the impairment of non current assets Post implementation review of IFRS 3 20 Feb 2015 The Board discussed the possibility of adding additional projects for the improvement of the impairment test the subsequent accounting for goodwill the definition of a business and identification and measurement of intangible assets Post implementation review of IFRS 3 16 Dec 2014 During this meeting the research fellow presented academic evidence next to constituent feedback received

    Original URL path: http://www.iasplus.com/en/projects/pir/ifrs-3-pir (2016-02-10)
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