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  • Conceptual framework
    consideration IAS 41 IFRS 13 Valuation of biological assets IAS 27 Equity method Conceptual framework Accounting for macro hedging Revenue recognition Transition First time adopters and IAS 8 disclosures Due process Summary Revenue recognition Credit card reward programs Education session Revenue recognition Credit card reward programs IASB and FASB IFRS 9 Limited amendments classification and measurement IASB and FASB Info Conceptual framework Date recorded 22 May 2013 The Conceptual Framework discussion paper DP and its various sections were discussed extensively during the past two IASB meetings At the May 2013 meeting the Board discussed the comment period for the DP Staff proposal was 120 days and the IASB s permission to ballot the DP In respect of the comment period sometimes constituents ask for a longer period e g 180 days Besides there will be a holiday period The IASB could use this period for the outreach The Board agreed with the comment period of 180 days for the DP One Board member asked about the process He might have further comments for the Measurement chapter that has been re written The Board permitted to ballot the DP Related Topics Projects Conceptual Framework Comprehensive IASB project Related news Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB updates work plan 22 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 Summary of the CMAC November 2015 meeting 22 Dec 2015 EFRAG EFFAS AIAF and IASB issue summary of outreach event on profit or loss and OCI 21 Dec 2015 AOSSG points out specific aspects of Islamic financial reporting in connection with the Conceptual Framework 09 Dec 2015 All Related Related Publications Deloitte comment letter on updating references to the Conceptual Framework 25 Nov 2015 Deloitte comment letter on

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/may/cf (2016-02-10)
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  • Conceptual framework — Recognition and derecognition
    of business model Annual improvements 2012 2014 cycle IFRS 7 Conceptual framework Elements of financial statements Conceptual framework Additional guidance to support the asset and liability definition Conceptual framework Measurement Hedge accounting Conceptual framework Presentation and disclosure Conceptual framework Presentation in the statement of comprehensive income profit or loss and OCI IFRS Interpretation on Levies Annual improvements 2012 2014 cycle IAS 7 Annual improvements 2010 2012 cycle IAS 16 38 Post implementation review of IFRS 8 Conceptual framework Recognition and derecognition Info Conceptual framework Recognition and derecognition Date recorded 26 Apr 2013 Most of the discussion evolved around the relationship between relevance and faithful representation in the context of recognition and derecognition with a general feeling that a better explanation was needed One Board member questioned whether the Board needed to reach a conclusion on control and risks and rewards in the Conceptual Framework as this was important for derecognition Perhaps this was something the DP could ask the respondents The Staff will revise the paper based on the feedback from the discussion Related Topics Projects Conceptual Framework Phase B Elements and recognition Conceptual Framework Comprehensive IASB project Related news Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB updates work plan 22 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 Summary of the CMAC November 2015 meeting 22 Dec 2015 EFRAG EFFAS AIAF and IASB issue summary of outreach event on profit or loss and OCI 21 Dec 2015 AOSSG points out specific aspects of Islamic financial reporting in connection with the Conceptual Framework 09 Dec 2015 All Related Related Publications Deloitte comment letter on updating references to the Conceptual Framework 25 Nov 2015 Deloitte comment letter on the Conceptual Framework 25 Nov 2015 Heads Up

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/april/cf-recognition-derecognition (2016-02-10)
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  • Conceptual framework — Presentation in the statement of comprehensive income – profit or loss and OCI
    OCI provides more relevant information items are recycled as and when it results in relevant information about financial performance i e recycling always takes place it is only a matter of timing as above but recycling takes place only if it results in relevant information i e current model and a single statement of comprehensive income with no sub total for profit or loss recycling does not apply It appeared that a few Board members supported Approach 1 as they believed it introduced a discipline to whether an item should be in OCI in the first place because it would get recycled later anyway Other Board members did not like Approach 1 because they believed that recycling is not always meaningful It was pointed out that the Board members did not need to come to a tentative view for the DP s purposes Overall the Board members felt that Approach 3 would not get much support from respondents It was suggested that the Approaches were summarised differently Approach 1 OCI and recycling with added variations on when an item goes to OCI and when it gets recycled and Approach 3 no OCI Approach 2 will be taken out The Chairman said that the best outcome for the Board from this project would be to introduce as much discipline as possible For example OCI cannot apply to non recurring items It would not be good outcome if the Board said that anything goes In terms of titles for the line items in the statement of comprehensive income there was a proposal to change the label of Total Comprehensive Income to Total Income this proposal did not get support from the Board Another proposal about to re label Other Comprehensive Income as Remeasurements Outside of Profit or Loss the Board supported this

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/april/cf-oci (2016-02-10)
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  • Conceptual framework — Presentation and disclosure
    changes comparing to the previous draft of the paper simplify the description of the objective of primary financial statements include a discussion of the advantages and disadvantages of aggregation simplify and focus the discussion of the relationship between primary financial statements the term cohesiveness has been removed to avoid confusion with the cohesiveness principles proposed in the Financial Statement Presentation project clarify what types of forward looking and risk information should be included in the financial statements and remove some discussion on faithful representation and replace it with a discussion about communication principles The main discussion concerned the materiality concept in the presentation and disclosure chapter of the Conceptual Framework One Board member believed that the discussion of materiality in paragraph 48 was one sided i e do not provide information if it is too costly However there might be instances when the information is so vital that the cost should not be a consideration Another Board member believed that materiality should be discussed in more detail For example the fact that an item was material in the balance sheet did not automatically mean that all disclosure requirements were material relevant as well The Staff member explained that the DP was aimed at the IASB and not at the preparers nevertheless there was a concern from several Board members that materiality needed to be explained better Another discussion was around cohesiveness and whether the principle should be moved back in A couple of Board members wondered whether the section on Communication Principles should say anything about digital communications The Staff will revise the paper based on the feedback from the discussion Related Topics Projects Conceptual Framework Comprehensive IASB project Conceptual Framework Phase E Presentation and disclosure Related news Summary of the December 2015 ASAF meeting now available 22 Jan 2016

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/april/cf-presentation-disclosure (2016-02-10)
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  • Conceptual framework — Measurement
    been extended and Principle 3 was added as a result the three current are The relevance of information provided by a particular measurement method depends on how it affects the statement of financial position the statement s of profit or loss and comprehensive income and if applicable the statement of changes in equity and the notes to the financial statements The cost of a particular measurement must be justified by the benefits of reporting that information to existing and potential investors lenders and other creditors The number of different measures used should be the minimum necessary to provide relevant information Unnecessary changes in measurement methods should be avoided and necessary changes should be clearly explained Various Board members had different reactions to the principles as they were currently stated with a general feeling that they were formulated at a very high level and therefore they were not specific operational enough One Board member believed that Principle 1 should be re drafted back as it was written in February i e measurements should provide relevant information Someone proposed that the text from paragraph 65 could be used as Principle 1 the measurement method used for a particular asset should be based on how it contributes to future cash flows Another Board member wondered whether Principle 2 cost vs benefit was necessary at all given that it was already included in the Conceptual Framework Another discussion was around the three categories of measurement methods cost fair value and other current prices other cash flow measures More specifically some Board members felt that fair value was not an accurate description and should be labelled as market based values The Staff will revise the paper based on the feedback from the discussion Related Topics Projects Conceptual Framework Comprehensive IASB project Conceptual Framework Phase C

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/april/cf-measurement (2016-02-10)
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  • Conceptual framework — Additional guidance to support the asset and liability definition
    2012 2014 cycle IAS 7 Annual improvements 2010 2012 cycle IAS 16 38 Post implementation review of IFRS 8 Conceptual framework Recognition and derecognition Info Conceptual framework Additional guidance to support the asset and liability definition Date recorded 24 Apr 2013 It is currently intended that the Conceptual Framework will include the following additional guidance on definition of an asset the meaning of economic resource the meaning of control definition of a liability constructive obligations the impact of future events the meaning of transfer of economic resources definition of both an asset and a liability reporting the substance of contractual rights and obligations executory contracts Main changes compared to the last draft relate to the discussions on future events that depend on the entity s future actions contingent liabilities constructive obligations past events contractual obligations whether the economic compulsion should be considered The main discussion during the meeting was about the future events that depend on the entity s future actions The paper listed three approaches to determining whether a present obligation exists an obligation must be unconditional an obligation arises when an entity receives benefits for which it accepts a responsibility to transfer a resource and focus on past events instead of future events The paper also included several examples which were assessed for each of the above Approaches sometimes with similar and sometimes with differing conclusions Then followed an extensive discussion on various examples there were a number of comments and questions from various Board members one of whom proposed that perhaps the DP should not provide definitive answers One of the main difficulties in applying the definition seemed to relate to the obligating event i e it was not always obvious None of the Board members appeared to like Approach 1 Many of the Board members appeared to be inclined towards Approach 2 as a preference because the liability would be built over time however when the vote was drawn the views were split between Approaches 2 and 3 One Board member suggested and many supported this suggestion that the Approaches should be re ordered as Approach 1 last event is an obligating event Approach 3 first event is an obligating event and Approach 2 first event and benefits Another Board member questioned the assumption in the paper about an unavoidable obligation paragraph 72 c which states that the entity cannot stop operating as a going concern and therefore the obligation is unavoidable which that Board member believed was inconsistent with current IAS 37 It was suggested that this issue should be raised as a question to respondents The Staff will revise the paper based on the feedback from the discussion Related Topics Projects Conceptual Framework Comprehensive IASB project Related news Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB updates work plan 22 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 Summary of the CMAC November 2015 meeting 22 Dec 2015 EFRAG EFFAS

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/april/cf-asset-liability-definition (2016-02-10)
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  • Conceptual framework — Elements of financial statements
    2013 The Staff summarised the changes to the previous draft control was moved back in the asset s definition past events were moved back in the liability s definition and a new conclusion was included in the discussion about the existence uncertainty There was a brief discussion about moving the past events back into the liability s definition i e whether it was necessary The Staff explained that yes perhaps it was redundant but it was helpful for the process of thinking things through The new conclusion in the discussion about the existence uncertainty which is mainly relevant in the context of IAS 37 mainly has reflected the recommendation from ASAF when there is uncertainty the entity should decide what is relevant versus assessing the probability threshold The Staff summarised that the existence uncertainty was reflected in recognition of an item and the probability uncertainty was reflected in measurement of the item One of the Board members questioned why profit or loss was not defined The response was that nobody could come up with a good definition so far There were other wording suggestions from various Board members The Staff will revise the paper based on the feedback from the discussion Related Topics Projects Conceptual Framework Comprehensive IASB project Conceptual Framework Phase B Elements and recognition Standards IAS 37 Provisions Contingent Liabilities and Contingent Assets Related news Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB updates work plan 22 Jan 2016 We comment on two IFRIC draft Interpretations 19 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 Summary of the CMAC November 2015 meeting 22 Dec 2015 EFRAG EFFAS AIAF and IASB issue summary of outreach event on profit or loss and OCI 21 Dec 2015

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/april/cf-elements (2016-02-10)
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  • Conceptual framework — Use of 'business model'
    2014 cycle IFRS 7 Conceptual framework Elements of financial statements Conceptual framework Additional guidance to support the asset and liability definition Conceptual framework Measurement Hedge accounting Conceptual framework Presentation and disclosure Conceptual framework Presentation in the statement of comprehensive income profit or loss and OCI IFRS Interpretation on Levies Annual improvements 2012 2014 cycle IAS 7 Annual improvements 2010 2012 cycle IAS 16 38 Post implementation review of IFRS 8 Conceptual framework Recognition and derecognition Info Conceptual framework Use of business model Date recorded 23 Apr 2013 The discussion started with how the business model should be considered in the standard setting The general feeling was that it is useful in some instances and it has been used by the Board in the past e g insurance but it also has some limitations The biggest part of the discussion however was around whether the term business model should be defined in the Conceptual Framework Some Board members thought that it would useful to provide a definition others felt that the definition would not be of much value in the context of the Conceptual Framework The Board decided not to define the business model Related Topics Projects Conceptual Framework Comprehensive IASB project Related news Summary of the December 2015 ASAF meeting now available 22 Jan 2016 IASB updates work plan 22 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 Summary of the CMAC November 2015 meeting 22 Dec 2015 EFRAG EFFAS AIAF and IASB issue summary of outreach event on profit or loss and OCI 21 Dec 2015 AOSSG points out specific aspects of Islamic financial reporting in connection with the Conceptual Framework 09 Dec 2015 All Related Related Publications Deloitte comment letter on updating references to the Conceptual Framework 25 Nov

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/april/cf-business-model (2016-02-10)
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