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  • Insurance contracts
    Exposure Draft Agenda Paper 2D summarises the changes to the accounting treatment for the insurance contracts over the Board s previous three due process documents the tentative decisions to date and a high level summary of the responses to these due process documents Agenda Paper 2E sets out the staff s view on why the Board need not re expose the new insurance contracts Standard and Agenda paper 2F summarises the due process steps undertaken throughout the project and asks the Board if it is satisfied that all the mandatory due process steps have been met in developing the new insurance contracts Standard requests permission to begin the balloting process and asks whether any Board member intends to dissent from the publication of the new insurance contracts Standard In essence the Board will need to decide whether to grant permission to begin the balloting process or whether it considers that it needs to re expose the new insurance contracts Standard Related Topics Projects Insurance contracts Comprehensive project Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 Summary of the December 2015 ASAF meeting now available 22 Jan 2016 EFRAG draft comment letter on proposed amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard 24 Dec 2015 IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard 09 Dec 2015 Summary of the October ASAF meeting now available 29 Oct 2015 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Insurance

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2016/february/insurance-contracts (2016-02-10)
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  • Insurance contracts
    these members stated that he would prefer the requirement to be more principles based such that if the allocation would leave the balance of CSM at the end of the period to represent the profits on all remaining contracts If all contracts lapse or mature in the period the CSM should be nil The debate that followed appeared to lead to the conclusion that the third criteria did not add a great deal that the objective was important and that the mechanics by which the objective is met should be left open The Staff agreed that the CSM only relates to contracts in force and that rigid criteria were not required to achieve that accounting objective The reminder of the discussion on this topic was deferred to enable the Staff to reword the third criteria Level of aggregation addendum 2A addendum The paper summarises the key points from the Board s discussion on 19 January aiming to clarify whether the objective is to allocate the CSM on an individual contract basis with groupings permitted if they can meet the objective The paper considers whether specifying objective of allocation on an individual contract basis would force the entities to apply it that way and whether explicit groupings guidance is required The paper recommends that a The objective for the allocation of the CSM is to recognise CSM for an individual contract in profit or loss over the coverage period in a way that best reflects the transfer of services under the contract This means that the CSM for contracts where the coverage period has ended has to be fully recognised in profit and loss b Entities can group contracts provided the objective above is achieved c The objective is deemed to be achieved a safe harbour if the following criteria are met The contracts are in the group that Have cash flows responding similarly to key risks in terms of amount and timing and Have similar expected profitability at inception measured as CSM percentage of a the premium The group CSM is adjusted to reflect expected duration and size of the contract remaining after the end of the period Several Board members expressed concern at the reference in the first criteria to an individual contract rather than to a group of contracts which could be misinterpreted The Staff stated that the adjustment would be made at a group level but the objective applies to each contract However they confirmed that they would clarity what was intended when drafting the new Standard and they would also provide examples The Board members clarified that the Insurance standard requires different levels of aggregation for different purposes The same lowest level of aggregation could be used for all purposes but does not need to be The level of aggregation for onerous contracts for example would be met by criteria in paragraph c i The level of aggregation for determining the risk adjustment can be at a much higher level Some Board members suggested that there

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2016/january/insurance (2016-02-10)
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  • IFRS 9 — Transition issues relating to hedging
    entire non financial item remained designated Issue 2 The Committee had discussed the issues in its September 2015 meeting and decided to publish an agenda decision as in the Committee s view IFRS 9 provided sufficient guidance on the issues The tentative agenda decision stated that treating the hedging relationship as a continuing hedging relationship in Issue 1 implied a retrospective designation of a hedging relationship which was not permitted as IFRS 9 required prospective application of the hedge accounting requirements As regards Issue 2 the tentative agenda decision stated that not changing the designation would result in a mismatch between the designation and the entity s risk management objective i e proxy hedging Proxy hedging was not prohibited by IFRS 9 The Standard acknowledged that it would not always be possible to replicate the actual risk management perspective Therefore the entity could continue the hedging relationship The Interpretations Committee received two comment letters on the tentative agenda decision Both respondents agreed with the agenda decision with one respondent suggesting to add further context However the staff believes that the agenda decision provides sufficient context and therefore recommends to finalise the agenda decision without any changes The staff ask whether the Committee agrees with the staff recommendation Committee discussion The Committee unanimously agreed with the agenda decision One Committee member suggested that the agenda decision should also consider the entity s risk management strategy with regard to issue 2 The Chairman agreed that the context of risk management should be added Related Topics Standards IFRS 9 Financial Instruments Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb

    Original URL path: http://www.iasplus.com/en/meeting-notes/ifrs-ic/2016/january/ifrs-9 (2016-02-10)
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  • IAS 39 (IFRS 9) — Embedded derivatives in negative interest rate environment
    floor is at or below the market rate of interest when the contract is issued and the floor is not leveraged in relation to the host contract That means that a floor that is in the money when the contract is issued requires separation The staff is of the view that negative interest is a form of interest as IFRS 9 indicates that in extreme economic circumstances interest could be negative Therefore IAS 39 AG33 b is also applicable in a negative interest rate environment The staff concluded that IAS 39 contains sufficient guidance to resolve the issue raised by the submitter A tentative agenda decision was issued on this basis The Committee has received three comment letters on the tentative agenda decision All of the respondents agreed with the Committee s view However they suggested that the Interpretations Committee clarify whether an entity should compare the interest rate floor based on the overall rate of interest including a contractual spread or based on the benchmark rate of interest They also suggested adding guidance on determining the market rate of interest To address these comments the staff proposes amendments to the agenda decision and recommends to that the agenda decision be finalised on that basis Committee discussion There was broad support for the proposed agenda decision amongst the Committee members especially for the proposal to compare the interest rate floor based on the overall rate of interest Several Committee members pointed out that a bifurcation of caps and floors should be relatively rare as most of the time floor rates would be below and cap rates would be above the market interest rate at initiation Some Committee members proposed to clarify in the agenda decision that the rationale for not bifurcating should also be applied in a positive interest rate environment The title of the agenda decision should therefore be changed as it would otherwise be misleading One Committee member suggested including an example in the agenda decision which was rejected by the Technical Director The Technical Director argued that an example would have to be very detailed and that there was no precedence of an example in an agenda decision As a compromise the Chairman proposed to draft an example for the next Committee meeting that upon agreement could be forwarded to the Board as educational guidance Related Topics Standards IAS 39 Financial Instruments Recognition and Measurement Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 EFRAG draft comment letter on proposed amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard 24 Dec 2015 IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and

    Original URL path: http://www.iasplus.com/en/meeting-notes/ifrs-ic/2016/january/ias-39 (2016-02-10)
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  • FASB adds four projects to research agenda
    new financial reporting issues in its upcoming agenda discussion paper expected in the first half of 2016 The issues to be added are Pensions and other postretirement employee benefit plans Intangible assets Distinguishing liabilities from equity and Financial performance reporting With the exception of intangible assets which the IASB currently does not address in a research project the issues to be added correspond to a large part with the issues respondents to the IASB s agenda consultation which had asked repondents to rank the IASB s research projects as high medium or low priorities ranked as high importance A full analysis of the 118 responses on the IASB website is not available yet however especially pensions and other postretirement employee benefit plans and distinguishing liabilities from equity rank high among the research projects currently on the IASB s agenda Please click for the following information on the FASB website tentative Board decisions of 3 February 2016 From the Chairman s Desk explaining the results of the survey more closely Related Topics Resources Financial Accounting Standards Board FASB Projects Agenda consultation 2015 Financial instruments with characteristics of equity Post employment benefits Comprehensive project Related news FASB constituents of the TRG will continue to meet 02 Feb 2016 Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB updates work plan 22 Jan 2016 FASB and ASBJ hold biannual meeting 15 Jan 2016 FASB issues final standard on classification and measurement of financial instruments 05 Jan 2016 We comment on the IASB agenda consultation 04 Jan 2016 All Related Related Publications Heads Up FASB proposes guidance on cash flow classification 04 Feb 2016 Heads Up FASB proposes guidance on presentation of net periodic benefit cost and disclosures related to defined benefit plans 28 Jan 2016 Consolidation FASB tentatively decides

    Original URL path: http://www.iasplus.com/en/news/2016/02/fasb-research-agenda?set_language=en (2016-02-10)
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  • FASB fügt vier neue Projekte seiner Forschungsagenda hinzu
    2004 2003 2002 2001 2000 Info FASB fügt vier neue Projekte seiner Forschungsagenda hinzu 08 02 2016 Als Ergebnis der Befragung seiner verschiedenen Beratungsgruppen und Beiräte hat der US amerikanische FASB entschieden vier neue Bilanzierungssachverhalte in sein im ersten Halbjahr 2016 erwartetes Diskussionspapier zur zukünftigen Agenda aufzunehmen Die Sachverhalte die neu aufgenommen werden sollen sind die folgenden Pensionen und andere Leistungen nach Beendigung des Arbeitsverhältnisses immaterielle Vermögenswerte Abgrenzung von Eigen und Fremdkapital und Erfolgsberichterstattung Mit Ausnahme der immateriellen Vermögenswerte zu denen der IASB derzeit kein Projekt betreibt decken sich die Sachverhalte zu einem großen Teil mit Sachverhalten denen auch in den Stellugnnahmen zur Agendakonsultation des IASB hohe Priorität zugeordnet wurde Obwohl eine vollständige Analyse der bisher 118 Stellungnahmen auf der Internetseite des IASB noch aussteht werden in ihnen insbesondere Leistungen nach Beendigung des Arbeitsverhältnisses und Finanzinstrumente mit Merkmalen von Eigenkapital immer wieder als dringlich genannt Auf der Internetseite des FASB stehen Ihnen folgende weiterführende Informationen zur Verfügung vorläufige Boardentscheidungen vom 3 Februar 2016 From the Chairman s Desk mit einer näheren Erläuterung der Ergebnisse der Umfrage unter den Beratungsgruppen des FASB Zugehörige Themen Ressourcen FASB Projekte Finanzinstrumente mit Eigenschaften von Eigenkapital Leistungen nach Beendigung des Arbeitsverhältnisses umfassendes Projekt Agendakonsultation 2015 Zugehörige Nachrichten FASB Vertreter der TRG werden weiterhin tagen 02 02 2016 Zusammenfassung der Rückmeldungen zum EFRAG Stellungnahmeentwurf zur Agendakonsultation 01 02 2016 Aktualisiertes Arbeitsprogramm des IASB 22 01 2016 Endgültige EFRAG Stellungnahme zur Agendakonsultation 19 01 2016 FASB und ASBJ halten ihre halbjährliche gemeinsame Sitzung ab 15 01 2016 Rückmeldungen von den Veranstaltungen zur Agendakonsultation in Kopenhagen 14 01 2016 Alle zugehörigen Zugehörige Publikationen Heads Up Newsletter mit Beobachtungen zur Umsetzung des neuen Erlöserfassungsstandards 14 01 2016 Heads Up Newsletter zum neuen FASB Standard zur Klassifizierung und Bewertung von Finanzinstrumenten 12 01 2016 Stellungnahme von Deloitte zur zweiten Agendakonsultation

    Original URL path: http://www.iasplus.com/de/news/2016/februar/fasb-research-agenda?set_language=de (2016-02-10)
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  • Summary of the December 2015 ASAF meeting now available
    graphs of the summary AASB KASB joint research project on IFRS implementation 1 4 ASAF members discussed the results of researched conducted on accounting judgments on using IFRS Disclosure initiative draft materiality practice statement 5 8 ASAF members provided their views on Exposure Draft IFRS Practice Statement Application of Materiality to Financial Statements ASAF members had mixed comments on whether to issue mandatory or non mandatory guidance on materiality Conceptual framework recognition criteria 9 20 ASAF members discussed a paper Recognition Criteria in the Conceptual Framework prepared by the Accounting Standards Board of Japan and debated the proposal of whether to keep the probability criterion in the recognition criteria Post employment benefits research project 21 27 ASAF members were provided with an update by the IASB staff on its research project for post employment benefits Goodwill and impairment 28 29 ASAF members were updated on the initial discussions related to this project and provided feedback Different effective dates of IFRS 9 and new insurance contracts 30 39 ASAF members provided their views on the proposed overlay approach in an upcoming exposure draft which addresses the consequences of having different effective dates for IFRS 9 and the new insurance contracts Business combinations under common control BCUCC 40 55 ASAF was provided with results from a discussion paper by the Hong Kong Institute of Certified Public Accountants related to BCUCC in Hong Kong In addition the IASB staff provided an updated on this project Role of post implementation reviews 56 62 ASAF provided their views on the process implemented by the IASB when performing post implementation reviews Disclosure initiative next steps 63 The IASB staff provided an update on the disclosure initiative project which included the principles of disclosure and the standards level review of disclosures projects and its next steps Equity method 64 69 ASAF members discussed the scope of the equity method of accounting project Project updates and agenda planning 70 72 ASAF members were updated on current IASB projects which included its primary financial statements research project and changes in accounting policies project A full report of the meeting is available on the IASB s website Related Topics Resources Accounting Standards Advisory Forum ASAF Projects Conceptual Framework Comprehensive IASB project Different effective dates of IFRS 9 and the new insurance contracts standard Disclosure initiative Materiality Disclosure initiative Overview Equity method of accounting Insurance contracts Comprehensive project Post employment benefits Comprehensive project Revenue recognition Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FASB adds four projects to research agenda 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 IASB updates work plan 22 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 All Related Related Publications Deloitte comment letter on proposed

    Original URL path: http://www.iasplus.com/en/news/2016/01/asaf-dec-summary (2016-02-10)
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  • IASB updates work plan
    the last work plan update Updates regarding the im ple men ta tion projects are The status of the project on Classification of Liabilities has changed to state that an IFRS is being developed and will be published within six months An exposure draft on the Definition of a Business is now expected within three months was within six months A note has been added to indicate that Fair Value Measurement Unit of Account project will become part of the post implementation review of IFRS 13 An exposure draft on Remeasurement of Previously Held Interest is now expected within three months was within six months For research projects the work plan now provides more details into the initial work that will be done in the Primary Financial Statements project Lastly the work plan has replaced its entry for the 2011 2012 Agenda Consultation with the 2015 Agenda Consultation The 2015 Agenda Consultation is currently in the analysis phase with a feedback statement expected after six months The revised IASB work plan is available on the IASB s website Related Topics Resources International Accounting Standards Board IASB Projects IFRS 11 Acquisition of an interest in a joint operation Agenda consultation 2015 Post implementation review IFRS 3 Conceptual Framework Comprehensive IASB project Fair value measurement IAS 1 Classification of liabilities Other IASB work plan Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FASB adds four projects to research agenda 08 Feb 2016 FEE briefing paper on

    Original URL path: http://www.iasplus.com/en/news/2016/01/iasb-work-plan (2016-02-10)
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