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  • Post-implementation review — IFRS 8
    addition the following areas of disclosure may be considered for improvement Improvements to avoid the loss of trend information where an entity changes is basis of segmentation from one year to another Require disclosure of some defined line items in order that investors can calculate their own sub totals for operating result or cash flow Addressing difficulties around the aggregation of operating segments Further improvements to the requirements for reconciliations including whether such information should be given by segment in some cases The IASB staff will research these issues and provide their findings and recommendations to the board in the future An exposure draft of changes resulting from the review is expected in the third quarter of 2015 Project milestones Date Development Comments October 2011 IFRS 8 post implementation review added to the IASB agenda Commencement expected late 2011 19 July 2012 Request for Information Post implementation Review IFRS 8 Operating Segments released Comment deadline 16 November 2012 18 July 2013 Report and Feedback Statement Post implementation Review IFRS 8 Operating Segments published Areas for potential improvement and amendment will be considered through the IASB s normal processes Related Discussions Post implementation reviews 10 Jun 2013 The IFRS Advisory Council considered the IASB s post implementation review process in general and discussed the post implementation review of IFRS 8 Operating Segments Post implementation review of IFRS 8 25 Apr 2013 The Board discussed the process and the findings of the post implementation review of IFRS 8 Post implementation review of IFRS 8 Operating Segments 31 Jan 2013 The staff provided a summary of their analysis of the comment letters submitted and the information received from their outreach activities on the post implementation review of IFRS 8 Post implementation review IFRS 8 14 Jun 2012 The Board requested permission to publish a Request for Information RFI regarding the effect of implementing IFRS 8 Operating Segments as part of the public consultation phase of the PIR The structure of the proposed RFI would be based on the key decisions that included 1 identifying segments based on the management approach 2 measuring disclosed line items on the basis used for internal reporting and 3 disclosing only those line items regularly reviewed by the chief operating decision maker Post implementation review IFRS 8 Operating Segments 23 May 2012 The Board discussed the post implementation review PIR of IFRS 8 specifically asking 1 whether the Board agrees with the proposed structure for conducting the investigation and reporting phases of the PIR of IFRS 8 2 whether the Board agrees with the proposed structure of the Request for Information RFI and 3 whether the preliminary issues identified and to be included in the RFI are complete or require amending Post implementation reviews 20 Mar 2012 The IASB discussed the purpose of and approach to post implementation reviews and more specifically the pre issuance review of IFRS 8 Operating Segments Post implementation reviews 20 Mar 2012 The Board discussed issues and concerns related to the post implementation

    Original URL path: http://www.iasplus.com/en/projects/pir/ifrs-8-pir (2016-02-10)
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  • Preface to International Financial Reporting Standards
    projects Narrow scope amendments Research projects Post implementation reviews Agenda consultations Completed projects Annual improvements Assets Conceptual framework Consolidation and business combinations Employee benefits Financial instruments Financial statements and disclosure First time adoption Income taxes Leases Liabilities Revenue Share based payments Other Items not added to the agenda IFRIC Navigation Other Effective dates and transition Fair value measurement Government grants IAS 23 US GAAP convergence project IAS 29 First time adoption of IAS 29 IAS 34 Interaction with IAS 36 and IAS 39 IAS 8 Effective dates and transition methods IASB FASB convergence Insurance contracts Phase I Preface to International Financial Reporting Standards Service concession arrangements IFRS 13 Unit of account Info Preface to International Financial Reporting Standards Background The Preface to Statements of International Accounting Standards originally adopted by the IASC in 1975 and last revised in 1982 had set out among other things the objectives of International Accounting Standards the definition of financial statements the definition of accounting standards the scope of accounting standards IASB operating procedures including steering committees discussion and issues papers and voting the authority of IAS The Preface was out of date in light of IASB s new structure and operating procedures under the new Constitution and as a result of IASB decisions on its operating procedures and on the format and style of future International Financial Reporting Standards Consequently IASB developed a revised Preface Current status of the project This project has been completed Preface to International Financial Reporting Standards was issued on on 23 May 2002 Project milestones Date Development Comments 8 November 2001 Exposure Draft Preface to International Financial Reporting Standards published Comment deadline 15 February 2002 23 May 2002 Preface to International Financial Reporting Standards issued Quick links Preface to International Financial Reporting Standards Related news IASB publishes Preface to

    Original URL path: http://www.iasplus.com/en/projects/completed/other/project89 (2016-02-10)
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  • Rate-regulated activities — Interim standard
    indicated that it would consider an interim standard for entities adopting IFRS that would allow entities adopting IFRS to continue to use their local GAAP requirements for rate regulated activities until the comprehensive project is completed This page tracks the history of the project to issue an interim standard Current status of the project This project has been completed IFRS 14 Regulatory Deferral Accounts was issued on 30 January 2014 and is effective for an entity s first annual IFRS financial statements for periods beginning on or after 1 January 2016 Project milestones Date Development Comments December 2012 Project on rate regulated activities reactivated as an active project The IASB indicated an intention to consider an interim standard for entities adopting IFRS before completing a comprehensive project 25 April 2013 Exposure Draft ED 2013 5 Regulatory Deferral Accounts published Comment deadline 4 September 2013 30 January 2014 IFRS 14 Regulatory Deferral Accounts issued Effective for an entity s first annual IFRS financial statements for periods beginning on or after 1 January 2016 Related Discussions Due Process Oversight Committee Chairman s report 27 Jan 2014 Mr Scott Evans reported on the activities of the IFRSF Trustees Due Process Oversight Committee In particular he noted that the DPOC had instituted lifecycle reviews of projects that for the Revenue project had been completed in October and that for the forthcoming IFRS on Regulatory Deferral Accounts was expected to be approved at the DPOC meeting on 28 January 2014 Rate regulated activities Interim IFRS 20 Nov 2013 The Board discussed the effective date and due process steps Rate regulated activities Interim IFRS 30 Oct 2013 The Board discussed the feedback received from comment letter to the proposed interim IFRS In addition it discussed the interim ED s scope and transition interaction with other IFRSs and presentation and disclosure Rate regulated activities 18 Sep 2013 The Board discussed 7 agenda papers related to the rate regulated activities project IASB projects review 10 Jun 2013 Sue Lloyd and Alan Teixeira provided the IFRS Advisory Council with a review the current work of the IASB Rate regulated activities IASB only 22 Feb 2013 The Board discussed the proposed interim Standard for Rate regulated Activities that would allow entities adopting IFRS to continue to use their local GAAP requirements for rate regulated activities until the comprehensive project is completed Several application issues were identified by the staff in drafting The purpose of this meeting was to clarify these issues and ask the IASB to decide whether to include application guidance in the proposed interim Standard or to make consequential amendments to other Standards Rate regulated activities IASB only 31 Jan 2013 The IASB staff presented their recommendations to the Board for the content of the interim standard that will permit the continuation grandfathering of existing practice for many entities that currently recognise regulatory deferral account balances in their financial statements in accordance with their jurisdictionally accepted accounting principles local GAAP Rate regulated activities 17 Dec 2012 The Board

    Original URL path: http://www.iasplus.com/en/projects/completed/assets/rra-interim (2016-02-10)
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  • Reporting comprehensive income (performance reporting)
    The extraordinary item category should be abolished Format of performance statement A prescribed format and subtotals for the performance statement is needed but management should be given freedom to specify key performance indicators by having discretion over line items provided and the sequencing of those items Management would not be allowed to add their own subtotals Presentation of the performance statement needs to be discussed before the detail of this principle is decided Proposed format for the statement of comprehensive income Column 1 Total Columns 2 3 Column 2 Income and expenses other than remeasurements Column 3 Income and expenses resulting from revisions to prior expectations about future periods remeasurements Operations xxx xxx xxx Financing and investing activities xxx xxx xxx Income taxes xxx xxx xxx Discontinuing operations xxx xxx xxx Net income or comprehensive income xxx xxx xxx Subtotals within comprehensive income for example operating profit will be prohibited except when they are subtotals of other amounts required to be displayed on the face The Board will consider how to report per share amounts at a future meeting Financial instruments Board deliberations focused on the display of the performance of financial instruments specifically where to set the dividing line between the two columns envisaged for the performance statement current performance in column 1 and revisions of past measurements in column 2 Column 1 Income and expenses other than remeasurements Column 2 Income and expenses resulting from revisions to prior expectations about future periods remeasurements Total The two columns are a consequence of the following principle previously approved by the Board Income and expenses resulting from the remeasurement of an asset or liability should be reported separately Remeasurement refers to the revision of estimates embedded in the carrying values of assets and liabilities The principle was then discussed separately for Financial assets and liabilities measured at amortised cost Financial assets classified as available for sale Financial assets and liabilities classified as held for trading Fair value and cash flow hedges Financial assets and liabilities measured at amortised cost For items measured at amortised cost there are two performance reporting issues interest income expense and impairment The staff s proposal was to have interest as calculated under IAS 39 displayed in column 1 whilst any charge for impairment would be presented in column 2 The reason for having the latter in column 2 is that it would be interpreted as a revision to an estimate Although a majority of the Board supported this idea some members expressed concern because the interest shown in column 1 would most likely include a factor covering credit risk that had been priced in the original interest rate They felt it would seem odd that an impairment being a revision to the original assumption about the credit risk embedded in the particular asset would be shown in column 1 whilst the factor under revision the credit spread over the risk free rate would be presented in column 1 After discussion the Board agreed to the staff

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/performance-reporting (2016-02-10)
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  • Revenue recognition
    activities of the IFRSF Trustees Due Process Oversight Committee In particular he noted that the DPOC had instituted lifecycle reviews of projects that for the Revenue project had been completed in October and that for the forthcoming IFRS on Regulatory Deferral Accounts was expected to be approved at the DPOC meeting on 28 January 2014 Revenue recognition 20 Nov 2013 The Board discussed various due process steps and agreed to begin the balloting process Revenue recognition IASB FASB 30 Oct 2013 The Boards discussed three issues relating to revenue recognition 1 constraint on estimates of variable consideration 2 licenses and 3 collectability IASB Chairman and Senior Technical Directors reports 17 Oct 2013 The IFRS Foundation Trustees received a report from Mr Hoogervorst IASB Chair and senior technical directors An update on the operation of the Accounting Standards Advisory Forum ASAF was received and various IASB projects were discussed Revenue recognition continued IASB FASB 18 Sep 2013 The Boards continued their discussion on revenue considering several alternative paths forward regarding collectability Revenue recognition IASB FASB 17 Sep 2013 The staff presented the board it s recommendations on licences and constraint in regards to revenue recognition Revenue recognition IASB and FASB 24 Jul 2013 The Boards discussed three aspects of revenue recognition collectability accounting for contracts that do not meet Step 1 of the revenue model and constraint minimum requirements IASB projects review 10 Jun 2013 Sue Lloyd and Alan Teixeira provided the IFRS Advisory Council with a review the current work of the IASB Revenue recognition Credit card reward programs IASB and FASB 24 May 2013 The IASB and the FASB discussed the issues presented during the IASB educational session regarding credit card reward programs Revenue recognition Credit card reward programs Education session 23 May 2013 The Board held an educational session on the feedback received on its exposure draft regarding how the revenue recognition model would apply to credit card reward programs in particular when there are more than two parties to the arrangement Revenue recognition Transition First time adopters and IAS 8 disclosures Due process Summary 23 May 2013 The Board discussed issues and Staff recommendations regarding transition methods available for first time adopters the applicability of disclosures required by paragraph 28 f of IAS 8 Also a due process summary was provided on the revenue project Update from the IASB 11 Apr 2013 A report was given by Chairman Hans Hoogervorst on the Accounting Standards Advisory Forum the Effects Analysis working group and updates on current projects Revenue recognition IASB only 21 Mar 2013 The Board was asked by the staff to reconsider its tentative decision to prohibit early application of the new revenue standard Overview of the last four months Jurisdiction news 25 Feb 2013 In their review of developments in their jurisdiction or constituency members noted some matters of general interest Revenue recognition IASB and FASB 20 Feb 2013 The Boards discussed questions raised in response to the 2011 revised exposure draft 2011 ED related to

    Original URL path: http://www.iasplus.com/en/projects/completed/revenue/revenue-recognition (2016-02-10)
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  • Segment reporting — Convergence issues
    1 amendments Disclosure initiative Net debt Earnings per share 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 Segment reporting Convergence issues Background The objective of the overall convergence project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP The project which is being done jointly by FASB and IASB grew out of an agreement reached by the two boards in September 2002 As part of the project the IASB identified differences between IAS 14 Segment Reporting and SFAS 131 Disclosures about Segments of an Enterprise and Related Information reviewed academic research findings on segment reporting in particular relating to the implementation of SFAS 131 and had meetings with users of financial statements The requirements of SFAS 131 are based on the way that the management regards an entity focusing on information about the components of the business that management uses to make decisions about operating matters In contrast IAS 14 requires the disaggregation of the entity s financial statements into segments based on related products and services and on geographical areas Current status of the project This project has been completed The IASB issued IFRS 8 Operating Segments on 30 November 2006 Project milestones Date Development Comments 19 January 2006 Exposure Draft ED 8 Operating Segments published Comment deadline 19 May 2006 30 November 2006 IFRS 8 Operating Segments issued Effective for annual periods beginning on or after 1

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/project78 (2016-02-10)
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  • Service concession arrangements
    convergence project IAS 29 First time adoption of IAS 29 IAS 34 Interaction with IAS 36 and IAS 39 IAS 8 Effective dates and transition methods IASB FASB convergence Insurance contracts Phase I Preface to International Financial Reporting Standards Service concession arrangements IFRS 13 Unit of account Info Service concession arrangements Background This IFRIC project considered how to apply IFRS and Interpretations to service concessions arrangements under which an entity the Concession Operator by contract with a Concession Provider usually a government receives a right and incurs an obligation to provide public services The service concession arrangement often gives the Concession Operator the right to use specified tangible assets intangible assets and or financial assets in exchange for the Concession Operator committing to provide the services according to certain terms and conditions during the concession period and when applicable committing to return at the end of the concession period the rights received at the beginning of the concession period and or acquired during the concession period Examples of service concession arrangements involve water treatment and supply facilities motorways car parks tunnels bridges airports and telecommunication networks Examples of arrangements that are not service concession arrangements include an enterprise outsourcing the operation of its internal services such as an employee cafeteria building maintenance and accounting or information technology functions Current status of the project This project has been completed IFRIC 12 Service Concession Arrangements was issued on 30 November 2006 Project milestones Date Development Comments 3 March 2005 Three Draft Interpretations issued D12 Service Concession Arrangements Determining the Accounting Model D13 Service Concession Arrangements the Financial Asset Model D14 Service Concession Arrangements the Intangible Asset Model Comment Deadline 3 May 2005 Extended to 31 May 2005 30 November 2006 IFRIC 12 Service Concession Arrangements issued Effective for annual periods beginning on

    Original URL path: http://www.iasplus.com/en/projects/completed/other/project121 (2016-02-10)
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  • Share-based payments
    adoption Income taxes Leases Liabilities Revenue Share based payments Other Items not added to the agenda IFRIC Navigation Share based payments IFRS 2 Changes in contributions to employee stock purchase plans ESPPs IFRS 2 Group cash settled share based payment arrangements IFRS 2 Scope of IFRS 2 IFRS 2 Vesting conditions and cancellations IFRS 2 Entity termination of an employee s employment IFRS 2 Treasury share transactions and group transactions IFRS 2 Vesting and non vesting conditions Share based payments Info Share based payments Background This project involves developing a standard on all aspects of accounting for share based payments to employees including employee stock options suppliers creditors and others This project will result in a new standard providing guidance in this area Before this project was started there was no existing IFRS addressing recognition and measurement although the then current version of IAS 19 Employee Benefits 1998 required some disclosures Current status of the project This project has been completed IFRS 2 Share based Payment was issued in February 2004 Project milestones Date Development Comments July 2000 G4 1 Discussion Paper Accounting for Share Based Payments published Comment deadline 31 October 2000 20 September 2001 IASB invites comments on G4 1 Discussion Paper Comment deadline 15 December 2001 7 November 2002 Exposure Draft ED 2 Share Based Payment published Comment deadline 7 March 2003 19 February 2004 IFRS 2 Share based Payment issued Effective for annual periods beginning on or after 1 January 2005 Quick links IFRS 2 Share based Payment Related news SEC OKs use of a surrogate to value employee share options 25 Oct 2007 IASB issues standard on share based payment 19 Feb 2004 ED 2 on share based payment can now be downloaded 18 Nov 2002 ED 2 Share based Payment 07 Nov 2002 Financial

    Original URL path: http://www.iasplus.com/en/projects/completed/sbp/sbp (2016-02-10)
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