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  • Government grants
    to International Financial Reporting Standards Service concession arrangements IFRS 13 Unit of account Info Government grants Background This project had started as part of the IASB s short term convergence project designed to eliminate a variety of differences between International Financial Reporting Standards and US GAAP However the project evolved into a stand alone non convergence IASB project to reconsider IAS 20 Accounting for Government Grants and Disclosure of Government Assistance Current status of the project Work on the government grants project has been deferred pending progress in the revenue recognition and emissions trading schemes projects As part of its response to its Agenda consultation 2011 the IASB indicated that it has asked the IASB staff to review this project and report to the Board with a recommended course of action Project milestones Date Development Comments September 2005 IASB added a project on emissions trading schemes February 2006 Work on the government grants project deferred Related Discussions IAS 20 Recoverable cash payments 10 Nov 2015 This session addressed a request to clarify whether cash payments made by a government to assist an entity finance a research and development project should be accounted for as a liability i e a forgivable loan as defined in IAS 20 or as revenue i e a government grant as defined in IAS 20 when received 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 Government Grants 21 Feb 2006 The Board discussed the current status of the project to revise IAS 20 Accounting for Government Grants and Disclosure of Government Assistance Short term Convergence 20 Jul 2004 The Boards discussed the potential inconsistency between the government grant liability measurement and revenue

    Original URL path: http://www.iasplus.com/en/projects/completed/other/government-grants (2016-02-10)
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  • IAS 1 — Classification of liabilities
    decided not to finalise the amendment but instead pursue a narrow scope project to refine the existing guidance in IAS 1 on when liabilities should be classified as current Some of the matters which may be considered in this project include impacts of syndicated lending on classification linkage of settlement of the liability with cash outflows the significance of management s expectations in the classification of liabilities Current status of the project This project was formally added to the IASB s agenda in February 2014 The IASB published Exposure Draft ED 2015 1 Classification of Liabilities Proposed amendments to IAS 1 on 10 February 2015 with a comment deadline of 10 June 2015 Project milestones Date Development Comments 3 May 2012 Exposure Draft ED 2012 1 Annual Improvements to IFRSs 2010 2012 Cycle published Comment deadline 5 September 2012 March 2013 IASB agrees to pursue the suggested amendments to IAS 1 as a narrow scope project in its own right 10 February 2015 Exposure Draft ED 2015 1 Classification of Liabilities Proposed amendments to IAS 1 published Comments requested by 10 June 2015 Related Discussions IFRS implementation issues 15 Dec 2015 The Board discussed 1 narrow scope amendments to IFRS 2 2 current non current classification of liabilities related to the guidance in IAS 1 and 3 the measurement of long term interests related to the guidance in IFRS 9 and IAS 28 Amendments to IAS 1 Classification of financial liabilities 21 Mar 2014 At its October 2013 meeting the Board had agreed with a number of proposed amendments to IAS 1 relating to the classification of a liability as current or as non current At this meeting the IASB was presented a paper containing further proposals arising from analysis performed by the staff subsequent to the October discussion The Board was asked a to affirm the tentative decisions made in October 2013 and b whether they agreed with the staff s further proposals IAS 1 Current non current classification of liabilities 01 Nov 2013 The IASB considered the development of a general approach to the classification of liabilities that is based on an assessment of the arrangement s in existence at the reporting date Annual improvements 2010 2012 IASB only 21 Mar 2013 The Board discussed two of the eleven proposed amendments included in the May 2012 exposure draft ED 2012 1 Annual Improvements to IFRSs 2010 2012 Cycle on the basis of constituent feedback to the proposals and the recommendations of the IFRS Interpretations Committee IAS 1 Current non current classification of liabilities 23 Jan 2013 The IFRS Interpretations Committee considered comment letters received on the proposals included in the 2010 2012 cycle of annual improvements to clarify that a liability is classified as non current if an entity expects and has discretion to refinance or roll over an obligation for at least 12 months after the reporting period under an existing loan facility with the same lender on the same or similar terms The Committee tentatively agreed

    Original URL path: http://www.iasplus.com/en/projects/narrow-scope/ias-1-liabilities (2016-02-10)
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  • IAS 12 — Accounting for uncertainties in income taxes
    income tax payable recoverable As a consequence the Interpretations Committee decided to develop an interpretation The interpretation would also include guidance on the determination of units of measurement for uncertainties and on assumptions for tax authorities examinations and would explain the existing relevant disclosure requirements Current status of the project The project was added to the Interpretations Committee s agenda in January 2014 A draft interpretation was published on 21 October 2015 with a comment deadline of 19 January 2016 Project milestones Date Development Comments January 2014 Added to the Interpretations Committee s agenda 21 October 2015 DI 2015 1 Uncertainty over Income Tax Treatments published Comments requested by 19 January 2016 Related Discussions IFRS implementation issues 28 Apr 2015 The Board discussed 1 proposed narrow scope amendment to IAS 40 Investment Property 2 its annual improvements to IFRSs projects 3 a draft interpretation for IAS 12 Income Taxes and 4 IFRIC updates IAS 12 Impact of uncertainty when an entity recognises and measures a current tax liability or asset and principles of the draft Interpretation 27 Jan 2015 The Committee discussed how current tax assets and liabilities should be measured when tax positions are uncertain and the priciples of a corresponding draft interpretation IAS 12 Measurement of current tax assets and liabilities when a tax position is uncertain 11 Nov 2014 The Committee discussed the accounting for liabilities arising from uncertain tax positions IAS 12 Measurement of income tax on uncertain tax positions 16 Sep 2014 The Committee discussed two alternatives for the measurement of uncertain tax positions IAS 12 Recognition of current income tax on uncertain tax positions 15 Jul 2014 The Committee discussed the principles of interpretation related to the recognition of current income tax on uncertain tax position IAS 12 Threshold of recognition of an asset

    Original URL path: http://www.iasplus.com/en/projects/narrow-scope/ifric-income-taxes (2016-02-10)
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  • IAS 19/IFRIC 14 — Remeasurement at a plan amendment, curtailment or settlement / Availability of a refund of a surplus from a defined benefit plan
    two issues into a single package of narrow scope amendments to IAS 19 Employee Benefits and IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction It aims to clarify the calculation of current service cost and net interest when an entity remeasures the net defined benefit liability asset when a plan amendment curtailment or settlement occurs and whether a trustee s power to augment benefits or to wind up a plan affects the employer s unconditional right to a refund and thus in accordance with IFRIC 14 restricts recognition of an asset Both issues were orginally submitted separately to the IFRS Interpretations Committee however the IASB decided to deal with them in one narrow scope project as both issues relate to IAS 19 The IASB believes that a single package of amendments carried out at the same time would reduce the administrative burden on those responding to both issues Current status of the project The IASB formally added this narrow scope project to its agenda at its January 2015 meeting An exposure draft was published on 18 June 2015 with comment letter deadline 19 October 2015 Project milestones Date Development Comments January 2015 Formally added to the IASB agenda 18 June 2015 ED 2015 5 Remeasurement on a Plan Amendment Curtailment or Settlement Availability of a Refund from a Defined Benefit Plan Proposed amendments to IAS 19 and IFRIC 14 published Comments requested by 19 October 2015 Related Discussions IFRS implementation issues 22 Jan 2015 The IASB considered narrow scope amendments to IAS 19 IFRIC 14 IAS 19 IAS 28 and IFRS 10 IAS 28 All Related Quick links IAS 19 Employee Benefits IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction Related news

    Original URL path: http://www.iasplus.com/en/projects/narrow-scope/ias-19-ifric-14 (2016-02-10)
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  • IAS 21 — Foreign currency transactions and advance consideration
    21 Foreign currency transactions and advance consideration Background The IFRS Interpretations Committee observed some diversity in practice regarding the exchange rate used when reporting transactions that are denominated in a foreign currency in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates in circumstances in which consideration is received or paid in advance of the recognition of the related asset expense or income As a consequence the Interpretations Committee decided to develop an interpretation Current status of the project The project was added to the Interpretations Committee s agenda in January 2014 A draft interpretation was published on 21 October 2015 with a comment deadline of 19 January 2016 Project milestones Date Development Comments November 2014 Added to the Interpretations Committee s agenda 21 October 2015 DI 2015 2 Foreign Currency Transactions and Advance Consideration published Comments requested by 19 January 2016 Related Discussions IFRS implementation issues 23 Jun 2015 The Committee discusses issues on IFRS 5 IAS 16 IAS 12 and IFRS 8 as well as the forthcoming draft interpretation related to IAS 21 IAS 21 Draft interpretation on foreign currency transactions and advance consideration sweep issue 12 May 2015 The Committee discussed an issue with the interaction of the proposed draft Interpretation and the presentation in profit or loss of exchange differences arising on the related trade receivable or trade payable balances IAS 21 Revenue transaction denominated in foreign currency 24 Mar 2015 The Committee discussed scope considerations for its proposed draft interpretation IAS 21 The effects of changes in foreign exchange rates 27 Jan 2015 The Committee discussed the effects of changes in foreign exchange rates in connection with revenue transactions denominated in foreign currency IAS 21 Foreign currency translation of revenue 11 Nov 2014 The Committee discussed what exchange rate should be used

    Original URL path: http://www.iasplus.com/en/projects/narrow-scope/ifric-foreign-currency (2016-02-10)
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  • IAS 40 — Transfers of investment property
    Transfers of investment property Info IAS 40 Transfers of investment property Background The IFRS Interpretations Committee received a request for clarification of the application of paragraph 57 of IAS 40 Investment Property which provides guidance on transfers to or from investment properties More specifically the question was whether a property under construction or development that was previously classified as inventory could be transferred to investment property when there was an evident change in use The 2008 Annual Improvement Project extended the application of IAS 40 to investment properties under construction but no corresponding changes were made at that time to the guidance on transfers into or out of investment properties in paragraph 57 The Interpretations Committee referred the matter to the IASB and at its April 2015 meeting the IASB tentatively agreed to amend the paragraph to reinforce the principle for transfers into or out of investment property in IAS 40 to specify that such a transfer should only be made when there has been a change in use of the property Current status of the project The IASB formally added this narrow scope project to its agenda at its April 2015 meeting An exposure was published on 19 November 2015 with comments requested by 18 March 2016 Project milestones Date Development Comments April 2015 Formally added to the IASB agenda 19 November 2015 ED 2015 9 Transfers of Investment Property Proposed amendment to IAS 40 published comments requested by 18 March 2016 Related Discussions IFRS implementation issues 19 May 2015 The Board reviewed various IFRS implementation issues and due process steps IFRS implementation issues 28 Apr 2015 The Board discussed 1 proposed narrow scope amendment to IAS 40 Investment Property 2 its annual improvements to IFRSs projects 3 a draft interpretation for IAS 12 Income Taxes and 4 IFRIC

    Original URL path: http://www.iasplus.com/en/projects/narrow-scope/ias-40 (2016-02-10)
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  • IASB-FASB convergence
    Sale and Discontinued Operations in March 2004 Fair value option for financial instruments FASB only Completed Government grants Joint work on this project has been discontinued Impairment Joint work on this project has been discontinued Income taxes Joint work on this project has been discontinued Investment properties The FASB is actively working on this project Joint arrangements IASB issued IFRS 11 Joint Arrangements in 2011 Research and development FASB only Completed Segment reporting IASB issued IFRS 8 Operating Segments in 2008 Subsequent events FASB only Major joint projects Project Status Business combinations Converged standards issued in 2008 Conceptual Framework This project has been partially completed Work on further phases was discontinued and the IASB undertook an IASB only comprehensive project Consolidation Converged standards issued in 2011 Derecognition The IASB and FASB could not reach a converged solution and instead additional disclosures were implemented Fair value measurement Converged standards issued in 2011 Financial instruments This is a high priority project of both boards and work is currently under way This project compromises a number of projects some completed and some under way In some areas divergent outcomes have been developed and timing of the issuance of pronouncements is no longer aligned The IASB has completed work on IFRS 9 Financial Instruments Financial statement presentation Joint work on this comprehensive project has been discontinued Some amendments to existing requirements have been made in relation to the presentation of the statement of comprehensive income Insurance contracts Joint work on this overall project has been discontinued although the IASB and FASB continue to liaise on some issues Intangible assets The IASB and FASB decided in 2007 not to add this project to their joint agenda Leases This is a high priority project of both boards and work is currently under way although divergence has occurd regarding some aspects Liabilities and equity Joint work on this project has been discontinued Post employment benefits Joint work on this project has been discontinued Revenue recognition IFRS 15 Revenue from Contracts with Customers was issued In May 2014 The standard is fully converged with ASU 2014 09 Revenue from Contracts with Customers Project milestones The table below reflect key milestones in relation to the overall convergence project For details of project milestones for each individual topic which is part of the convergence process refer to the individual project pages Date Development Comments 29 October 2002 IASB and FASB enter into a Memorandum of Understanding on convergence 27 February 2006 IASB and FASB update and reissue Memorandum of Understanding MoU 11 September 2008 IASB and FASB update 2006 Memorandum of Understanding MoU Set the goal of completing the major joint projects by 2011 2 April 2009 G20 Leaders Declaration on Strengthening the Financial System published Contains recommendations for dealing with various financial accounting issues 28 September 2009 G20 Leaders Final Statement set goal to complete convergence of accounting standards across the G20 member nations by June 2011 5 November 2009 Joint IASB FASB statement reaffirming commitment to convergence Includes

    Original URL path: http://www.iasplus.com/en/projects/completed/other/iasb-fasb-convergence (2016-02-10)
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  • IFRS 2 — Clarifications of classification and measurement of share based payment transactions
    of 25 March 2015 Redeliberations will continue in the third quarter of 2015 Project milestones Date Development Comments April 2014 Formally added to the IASB agenda 25 November 2014 ED 2014 5 Classification and measurement of share based payment transactions published Comments requested by 25 March 2015 Related Discussions IFRS implementation issues 15 Dec 2015 The Board discussed 1 narrow scope amendments to IFRS 2 2 current non current classification of liabilities related to the guidance in IAS 1 and 3 the measurement of long term interests related to the guidance in IFRS 9 and IAS 28 IFRS implementation issues IFRIC update 19 Nov 2015 The regular update summary paper on the most recent IFRS Interpretations Committee meeting was discussed with the board Major topics included IFRS 2 and classification and measurement of share based payment transactions and the deferral of the effective date of the September 2014 amendment to IFRS 10 and IAS 28 IFRS 2 Classification and measurement of share based payment transactions Comment letter analysis 14 Jul 2015 The Committee discussed issues that had been raised in comment letters on the exposure draft published in November 2014 that proposed three amendments to IFRS 2 IFRS Interpretations Committee issues 18 Jun 2014 The Board received an update from the May meeting of the IFRS Interpretations Committee It also discussed due process considerations on proposed amendments to IFRS 10 IAS 28 and IFRS 2 Lastly the Board considered the feedback on its request for further analysis on the proposed amendments to IAS 12 IFRS Interpretations Committee issues 25 Apr 2014 The Director of Implementation Activities presented the IFRIC Update from March 2014 to the Board and highlighted several issues No decisions were made Further the Board was advised of the work that was performed by the IFRS Interpretations Committee in 2013 Lastly the Board received further information on two IFRS 2 issues that had been considered for narrow scope amendments and was also provided with transition proposals The staff recommendation to undertake an amendment with regard to settlement that was contingent on future events was rejected as the Board wanted to wait for the outcome of the Conceptual Framework project The staff recommendation to make an amendment regarding modifications that change the classification of a share based payment transaction from cash settled to equity settled was supported The Board also agreed on the proposed transition for the IFRS 2 amendments IFRIC update 31 Oct 2013 The IASB discussed the outcomes from the September 2013 IFRS Interpretations Committee meeting focusing on a number of issues related to IFRS 2 and IFRS 5 IFRS 2 Cash settled share based payment transactions that include a performance condition 11 Sep 2013 The Committee discussed a request to clarify the accounting for cash settled share based payment transactions that include a performance condition IFRS 2 Transactions in which the manner of settlement is contingent on future events 10 Sep 2013 The Committee agreed with staff s recommendation that it should not take this onto

    Original URL path: http://www.iasplus.com/en/projects/narrow-scope/ifrs-2-classification-measurement (2016-02-10)
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