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  • Disclosure initiative — Changes in accounting policies and estimates
    Changes in Accounting Estimates and Errors make a distinction between how an entity should present and disclose different types of accounting changes in its financial statements Changes in accounting policies must be applied retrospectively while changes in accounting estimates are accounted for prospectively Companies sometimes struggle to distinguish between accounting policies and accounting estimates and enforcers have identified divergent practices Therefore the Interpretations Committee received a request to clarify the distinction The Interpretations Committee observed that it would be helpful if more clarity were given and brought the issue to the IASB s attention for future consideration as part of the disclosure initiative Current status of the project An exposure draft is expected in the first quarter of 2016 at the earliest Project milestones Date Development Comments May 2015 Project formally added to the IASB agenda Related Discussions Disclosure initiative 24 Jun 2015 The Board held an education session on the Principles of Disclosures Project The Board discussed specific topics to be included in the Discussion Paper for the disclosure project guidance on comparability presentation of non IFRS information and cross referencing Also the Board decided against amending IAS 8 to add further guidance on retrospective application Finally the Board discussed the comments received on the proposed amendments to IAS 7 and the Board will continue deliberations in July 2015 Disclosure initiative 20 May 2015 The Board continue deliberations on the disclosure initiative It tentatively agreed that the distinction between a change in accounting policy and an accounting estimate would be developed as an Exposure Draft rather than being part of the forthcoming Principles of Disclosures Discussion Paper It was also tentatively agreed that the proposed amendments to IAS 1 discussed in agenda paper 11D would be dealt with either by amending IAS 1 or by producing educational material Finally

    Original URL path: http://www.iasplus.com/en/projects/major/ias-8 (2016-02-10)
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  • Disclosure initiative — Principles of disclosure
    develop application guidance or educational material on materiality Revised research project on financial statement presentation Related Discussions Disclosure initiative 21 Oct 2015 The session addressed two aspects of the Disclosure Initiative short term amendments to IAS 7 Statement of Cash Flows and the broader Principles of Disclosure project Disclosure initiative Principles of disclosure 24 Sep 2015 The Board discussed a new proposed two tier approach for disclosures presented by the NZASB 1 general disclosures objectives with minimum requirements and 2 additional disclosure requirements to provide a more complete overall picture of the item or transactions concerned Disclosure initiative 24 Jun 2015 The Board held an education session on the Principles of Disclosures Project The Board discussed specific topics to be included in the Discussion Paper for the disclosure project guidance on comparability presentation of non IFRS information and cross referencing Also the Board decided against amending IAS 8 to add further guidance on retrospective application Finally the Board discussed the comments received on the proposed amendments to IAS 7 and the Board will continue deliberations in July 2015 Disclosure initiative 29 Apr 2015 At this meeting the IASB discussed topics relating to the research projects Principles of Disclosure and Materiality Disclosure initiative 19 Feb 2015 The Board discussed principles of disclosure related to alternative performance measures and other non IFRS information Disclosure initative 16 Dec 2014 The Board continued its discussion on the Disclosure initiative The topics discussed related to the cohesiveness principle in financial statements and to three specific issues regarding the statement of cash flows Only the first item was voted on and received a majority of eleven Board members voting in favour of the staff recommendation Disclosure Initiative 20 Nov 2014 The Board discussed the format of information in the notes cross referencing and disclosing IFRS information outside the financial statements materiality and a sweep issued regarding the amendments to IAS 1 Disclosure initiative 24 Oct 2014 The IASB discussed three issues as part of its principles of disclosure project under the disclosure initiative These were concerned with the role of the primary financial statements and the notes communication principles and issues relating to cash flow statements and related disclosures No decisions were made Disclosure initiative 22 Jul 2014 The Board continued its discussions on the Disclosure Initiative The topics deliberated included a possible formation of a consultative group which was rejected feedback received on a reconciliation of liabilities related to financing activities proposed disclosures about restrictions on cash and cash equivalents rejected principles of disclosure emphasis on cross referencing as well as reinstating the FSP project affirmed Conceptual framework 19 Jun 2014 The Board continued its redeliberations of the feedback in the Conceptual framework project In this session the IASB discussed the distinction between profit or loss and OCI economic resources and benefits executory contracts the unit of account communication principles as well as materiality under presentation and disclosure and the distinction between liabilities and equity Disclosure initiative 25 Apr 2014 The purpose of this session

    Original URL path: http://www.iasplus.com/en/projects/major/principles-of-disclosure (2016-02-10)
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  • Disclosure initiative — Materiality
    the whole of the financial statements but with a focus on applying the concept of materiality to the notes The project will focus on the following topics the lack of understanding of the materiality concept the lack of clarity in applying the concept of materiality in particular to disclosures in the notes to the financial statements how disclosure requirements are written i e the use of unclear language used to describe disclosure objectives and other disclosure guidance in IFRS consideration of whether additional guidance could be developed that assists entities to determine significant accounting policies Current status of the project The IASB issued Feedback Statement Discussion Forum Financial Reporting Disclosure on 28 May 2013 signalling its intention to start a project on materiality with a view to creating either general application guidance or educational material on materiality The IASB formally agreed to commence this project at its March 2014 meeting A draft practice statement was published on 28 October 2015 with comments requested by 26 February 2016 Project milestones Date Development Comments 28 May 2013 Feedback Statement Discussion Forum Financial Reporting Disclosure published Three key actions to be considered by the IASB Narrow scope amendments to IAS 1 A project to develop application guidance or educational material on materiality Revised research project on financial statement presentation March 2014 Formally added to the IASB s agenda 28 October 2015 ED 2015 8 IFRS Practice Statement Application of Materiality to Financial Statements published Comments requested by 26 February 2016 Related Discussions Disclosure initiative 29 Apr 2015 At this meeting the IASB discussed topics relating to the research projects Principles of Disclosure and Materiality Disclosure initiative 18 Mar 2015 The Board discussed a draft practice statement about the application of materiality to the financial statements There was general support for the paper and a new draft would be discussed at a future meeting The Board continued discussions regarding the primary role of the financial statements and the notes The Board made tentative decisions including to describe financial statements excluding the notes as primary to define that the term present would be used for the primary financial statements and the term disclose would be used to refer to the notes The Board also tentatively decided to include in IAS 1 a description of the role of the primary financial statements and that only the IASB would decide which items would be included in the primary financial statements Disclosure Initiative 20 Nov 2014 The Board discussed the format of information in the notes cross referencing and disclosing IFRS information outside the financial statements materiality and a sweep issued regarding the amendments to IAS 1 Disclosure Initiative 22 Sep 2014 The Board received an update on various topics under its disclosure initiative Specifically Board members were asked for their opinions on providing accounting policy disclosures as well as on disclosures about cash restrictions The Board also received a summary on the feedback regarding the proposed IAS 1 amendments Conceptual framework 19 Jun 2014 The Board continued

    Original URL path: http://www.iasplus.com/en/projects/major/materiality (2016-02-10)
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  • Disclosure initiative — Net debt
    IASB decided at its March 2014 meeting to pursue a further narrow scope project which would amend IAS 7 Statement of Cash Flows to address disclosures of net debt This project will consider disclosures that reconcile the movement in components of financing activities excluding movements in equity as defined in IAS 7 with amounts included in the opening and closing statement of financial position potential disclosures improvements relating to the debt and restrictions on cash identified from the wider disclosure initiative project Current status of the project This project has been completed The IASB issued Disclosure Initiative Amendments to IAS 7 on 29 January 2016 Project milestones Date Development Comments March 2014 Project formally added to the IASB agenda 18 December 2014 ED 2014 6 Disclosure Initiative Proposed amendments to IAS 7 published Comments requested by 17 April 2015 29 January 2016 Disclosure Initiative Amendments to IAS 7 published Effective for annual periods beginning on or after 1 January 2017 early adoption permitted Related Discussions Disclosure initiative Standards level review of disclosures and amendments to IAS 7 15 Dec 2015 The IASB continued deliberations of the Disclosure Initiative Project In this session the staff presented a PowerPoint proposal for the initial phase of the project on which the staff sought the views of the IASB Disclosure initiative 21 Oct 2015 The session addressed two aspects of the Disclosure Initiative short term amendments to IAS 7 Statement of Cash Flows and the broader Principles of Disclosure project Disclosure initiative Amendments to IAS 7 22 Sep 2015 The Board discussed the proposed amendments of IAS 7 to require a reconciliation of liabilities arising from financing activities Disclosure initiative 24 Jun 2015 The Board held an education session on the Principles of Disclosures Project The Board discussed specific topics to be included in the Discussion Paper for the disclosure project guidance on comparability presentation of non IFRS information and cross referencing Also the Board decided against amending IAS 8 to add further guidance on retrospective application Finally the Board discussed the comments received on the proposed amendments to IAS 7 and the Board will continue deliberations in July 2015 Disclosure initiative Net debt 21 Mar 2014 The session was a follow up from the October 2013 meeting where the IASB had tentatively decided not to include amendments regarding net debt disclosures as part of the short term Amendments to IAS 1 but to have staff assess the possibility of a short term project addressing disclosures about net debt At this meeting staff reported back and presented a proposal for such a short term project Disclosure initiative Education session 21 Mar 2014 The Board received a project update on the disclosure initiative This was a follow up information session from the 2013 September meeting Staff presented the ongoing activities the three short term initiatives as well as the medium term steps under the umbrella of the disclosure initiative As this was an education session no decisions were made IAS 1 Disclosure initiative 01 Nov

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/net-debt (2016-02-10)
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  • Disclosure initiative — Overview
    to IAS 1 A project to develop application guidance or educational material on materiality Revised research project on financial statement presentation 18 December 2014 Disclosure Initiative Amendments to IAS 1 published First component of the project completed The amendments are effective for annual periods beginning on or after 1 January 2016 28 October 2015 ED 2015 8 IFRS Practice Statement Application of Materiality to Financial Statements published Comments requested by 26 February 2016 29 January 2016 Disclosure Initiative Amendments to IAS 7 published Second component of the project completed The amendments are effective for annual periods beginning on or after 1 January 2017 Related Discussions Disclosure initiative Principles of disclosure 24 Sep 2015 The Board discussed a new proposed two tier approach for disclosures presented by the NZASB 1 general disclosures objectives with minimum requirements and 2 additional disclosure requirements to provide a more complete overall picture of the item or transactions concerned Disclosure initiative IASB and FASB joint education session 23 Sep 2015 IASB and FASB board members presented their respective disclosure initiatives including ongoing activities and completed projects Disclosure initiative Amendments to IAS 7 22 Sep 2015 The Board discussed the proposed amendments of IAS 7 to require a reconciliation of liabilities arising from financing activities Disclosure initiative 18 Mar 2015 The Board discussed a draft practice statement about the application of materiality to the financial statements There was general support for the paper and a new draft would be discussed at a future meeting The Board continued discussions regarding the primary role of the financial statements and the notes The Board made tentative decisions including to describe financial statements excluding the notes as primary to define that the term present would be used for the primary financial statements and the term disclose would be used to refer to the notes The Board also tentatively decided to include in IAS 1 a description of the role of the primary financial statements and that only the IASB would decide which items would be included in the primary financial statements Disclosure initiative 19 Feb 2015 The Board discussed principles of disclosure related to alternative performance measures and other non IFRS information Disclosure initiative education session 22 Jan 2015 The Board held an educational session to discuss the future activities in the Disclosure Initiative Research programme 23 Jul 2014 The Board was presented a paper setting out how the IASB should prioritise the projects in the research programme Disclosure initiative 22 Jul 2014 The Board continued its discussions on the Disclosure Initiative The topics deliberated included a possible formation of a consultative group which was rejected feedback received on a reconciliation of liabilities related to financing activities proposed disclosures about restrictions on cash and cash equivalents rejected principles of disclosure emphasis on cross referencing as well as reinstating the FSP project affirmed Conceptual framework 19 Jun 2014 The Board continued its redeliberations of the feedback in the Conceptual framework project In this session the IASB discussed the distinction between profit or

    Original URL path: http://www.iasplus.com/en/projects/major/disclosure-initiative-overview (2016-02-10)
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  • Earnings per share
    2014 Management commentary Reporting comprehensive income performance reporting Segment reporting Convergence issues Info Earnings per share Background IAS 33 Earnings per Share provides a standardised approach to the calculation of basic and diluted earnings per share EPS The calculation of diluted EPS is complex and has the potential for simplification There are also several areas of divergence between IFRSs and US GAAP in the required calculations Current status of the project The IASB published Exposure Draft Simplifying Earnings per Share in August 2008 Work on this project has since been deferred the IASB will consider whether to restart the project as part of its three yearly agenda consultation Project milestones Date Development Comments November 2005 Added to the active agenda 7 August 2008 Exposure Draft Simplifying Earnings per Share published Comment deadline 5 December 2008 Related Discussions Earnings per Share 22 Apr 2009 Earnings per Share 20 May 2008 The Board discussed sweep issues identified by the Board and external reviewers in the review process of the pre ballot draft of proposed amendments to IAS 33 Earnings per Share The pre ballot draft was not included in the observer notes for this meeting Short term Convergence Earnings per Share 23 Jan 2008 The Board discussed the way forward in this project and some sweep issues that arose during the drafting of the exposure draft the ED Earnings per Share 17 Jul 2007 The Board continued with its discussions with a view to finalising the short term convergence project with the FASB on the amendment to IAS 33 Earnings per Share 22 Mar 2007 The purpose of this session was to discuss various amendments to IAS 33 Earnings per Share in order to finalise the short term convergence project Treasury Stock Method 20 Jun 2006 At the January 2006 meeting the

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/eps (2016-02-10)
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  • Financial instruments — Macro hedge accounting
    Revaluation Approach to Macro Hedging published Comments requested by 17 October 2014 Related Discussions Dynamic risk management 22 Jul 2015 The Board discussed whether to leave the project as a research project based on feedback from constituents In addition the Board discussed what useful information concerned whose information needs were the focus why the information was needed and what sources for the information could be Dynamic risk management 20 May 2015 The Board discussed a proposed project plan for the Accounting for Dynamic Risk Management project Accounting for Dynamic Risk Management 19 Mar 2015 The board discussed the comment letter analysis especially the issues of revaluing the managed portfolio presentation and disclosure and application of the portfolio revaluation approach PRA to other risks Dynamic risk management 19 Feb 2015 The Board discussed feedback from constituents concerning the discussion paper on macro hedging IASB activities update 24 Feb 2014 IASB Chairman Hans Hoogervorst and others from the IASB provided an update on recent IASB activities Financial instruments Macro hedge accounting 31 Oct 2013 At this meeting the staff asked the Board for permission to ballot a discussion paper on macro hedging and recommended a comment period of 180 days 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 Macro hedge accounting 25 Jul 2013 The Board discussed the possibility of the holistic application of the portfolio revaluation approach through OCI rather than through profit or loss and more specifically by recognising both the revaluation of risk managed portfolios with respect to the managed risk and the fair value of hedging instruments in OCI rather than profit or loss Accounting for macro hedging 23 May 2013 The Board continued its discussion regarding different aspects of the revaluation approach for accounting for macro hedging activities to be published in a forthcoming discussion paper on the topic Hedge accounting 25 Apr 2013 The Board discussed the scope and interaction with macro hedging activities and due process considerations Financial instruments Hedge accounting IASB only 30 Jan 2013 The Board discussed feedback received on the Review Draft on hedge accounting Specifically the Board discussed three topics the measurement of a hedge item through the use of hypothetical derivatives transition requirements for the designation of own use contracts as FVTPL and the scope and interaction of the draft requirements with macro hedging activities Financial instruments Macro hedge accounting IASB only 14 Dec 2012 The Board discussed how the proposed portfolio revaluation approach might be applied with respect to accounting for macro hedging activities for risks other than interest rate risk Financial instruments Macro hedge accounting IASB only 17 Oct 2012 The IASB continued its discussion on development of an accounting model for macro hedging activities on the basis of the 11 steps that the Board initially discussed at its November

    Original URL path: http://www.iasplus.com/en/projects/major/macro-hedge-accounting (2016-02-10)
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  • Financial instruments — Comprehensive project
    project and the Standard is effective for reporting periods beginning on or after 1 January 2018 with early adoption permitted subject to local endorsement requirements For more information including details of exposure drafts and other due process documents for each phase refer to the individual project pages for the various project components Deloitte IFRS podcasts on financial instruments Andrew Spooner lead IFRS financial instruments partner and Bob Uhl head of the US Accounting Standards group and IFRS Centre debate the IASB and FASB s proposals for financial instruments The discussions are chaired by Robert Bruce The podcasts are part of a series we make available on IAS Plus Part 1 Classification and measurement of financial instruments The podcast is available for download here 19 30 mins 23mb or via iTunes Part 2 Impairment of financial instruments The podcast is available for download here 28 19 mins 33mb or via iTunes Part 3 Hedge accounting of financial instruments The podcast is available for download here 18 28 mins 22mb or via iTunes Andrew Spooner Lead IFRS financial instruments partner and Kush Patel senior manager and recent IASB Practice Fellow discuss the IASB s exposure draft on hedge accounting They discuss the key changes that are proposed and provide an insight into the likely effect they will have in practice The discussion is chaired by Robert Bruce Part 4 Hedge accounting Exposure Draft The podcast is available for download here 35 18 mins 33 mb or via iTunes Andrew Spooner Lead IFRS Partner on Financial Instruments discusses the new IASB standard on Fair Value Measurement with Robert Bruce Part 5 IFRS 13 Fair Value Measurement The podcast is available for download here 18 mins 13 mb or via iTunes Related Discussions Dynamic risk management 19 Feb 2015 The Board discussed feedback from constituents concerning the discussion paper on macro hedging IASB activities update 24 Feb 2014 IASB Chairman Hans Hoogervorst and others from the IASB provided an update on recent IASB activities IASB Chairman s report 27 Jan 2014 Mr Hoogervorst provided an update noting his remarks would concentrate on three areas financial instruments leases and insurance Classification and measurement Own credit and IFRS 9 effective date 24 Jul 2013 The Board discussed the early application of the own credit risk requirements in IFRS 9 and the effective date of IFRS 9 Impairment IASB and FASB 23 Jul 2013 The Board discussed feedback from outreach activities field work and comment letters on the proposals in Exposure Draft Financial Instruments Expected Credit Losses as well as constituents feedback on the FASB impairment proposals Classification and measurement IASB and FASB 23 Jul 2013 The Boards discussed the plans for the upcoming joint re deliberations of their projects on classification and measurement of financial instruments No questions were asked to the Boards at this meeting Financial instruments Impairment IASB only 14 Dec 2012 The Board continued discussion of its proposed three bucket impairment model in discussing the following topics 1 Transitional requirements 2 Due process

    Original URL path: http://www.iasplus.com/en/projects/major/financial-instruments (2016-02-10)
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