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  • Consolidation — Investment entities
    originated from the consultation process around the issue of IFRS 10 Consolidated Financial Statements where many respondents questioned the usefulness of the financial statements of investment entities if IFRSs continued to require the consolidation of entities that an investment entity controls Current status of the project This project has been completed The IASB issued Investment Entities Amendments to IFRS 10 IFRS 12 and IAS 27 on 31 October 2012 Project milestones Date Development Comments June 2010 Added to the IASB s agenda 25 August 2011 Exposure Draft ED 2011 4 Investment Entities published Comment deadline 5 January 2012 31 October 2012 Investment Entities Amendments to IFRS 10 IFRS 12 and IAS 27 issued Effective for annual periods beginning on or after 1 January 2014 Related Discussions Investment entities 22 Oct 2014 This session was devoted to discussing the feedback received on the Exposure Draft Investment Entities Applying the Consolidation Exception published in June 2014 which proposed to clarify the exemption from preparing consolidated financial statements the accounting for an investment entity subsidiary that also provides investment related services and the application of the equity method by a non investment entity investor to an investment entity investee Investment entities Sweep issues 27 Sep 2012 The Staff presented three issues that arose as a result of external reviewer comments on the pre ballot draft of Investment Entities Amendments to IFRS 10 IFRS 12 IAS 27 and IAS 28 the investment entities amendments The Staff asked the IASB Board members to discuss 1 whether an investment entity should be required to have an exit strategy for substantially all of its investments 2 the interaction between the fair value management requirement in IFRS 9 Financial Instruments and the fair value management component of the investment entity definition and 3 whether an entity that provides investment related services to external parties should qualify as an investment entity Consolidation Investment Entities 19 Jul 2012 At the July 2012 meeting the IASB discussed a whether to extend the exception to consolidation to an insurer s insurance investment fund subsidiaries b the reassessment requirements c the disclosure requirements d the transition requirements and effective date e other sweep issues and f whether all due process steps had been followed in the Investment Entities project Consolidation Investment Entities 16 Jul 2012 The Boards discussed the definition of an investment company Investment entities IASB only 14 Jun 2012 The IASB discussed the interaction of the investment entity proposals with IAS 28 Investment entities 13 Jun 2012 The IASB and FASB discussed 1 accounting by an investment entity parent for an investment entity subsidiary 2 accounting by a non investment entity parent for the investments of an investment entity subsidiary Investment entities 21 May 2012 The IASB and the FASB discussed the asset based versus entity based guidance IASB only consideration the approach to entity based investment entity guidance the definition of an investment entity and factors to consider and application guidance Investment Entities 17 Apr 2012 The Boards were presented

    Original URL path: http://www.iasplus.com/en/projects/completed/consol/investment-entities (2016-02-10)
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  • Convergence issues – Financial instruments (superseded)
    navigation Search site Navigation Projects Major 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 Financial instruments Convergence issues Financial instruments superseded Financial instruments Financial instruments Disclosures Financial instruments Joint Working Group proposal Financial instruments Asset and liability offsetting Financial instruments Classification and measurement Financial instruments Derecognition Financial instruments Effective date of IFRS 9 IAS 21 Hedging a net investment IAS 32 Classification of instruments denominated in a foreign currency IAS 32 Classification of rights issues IAS 32 Members shares in co operative entities IAS 32 Puttable financial instruments IAS 32 IAS 39 Improvements to IASC financial instruments standards IAS 39 Cash flow hedge accounting of forecast intragroup transactions IAS 39 Exposures qualifying for hedge accounting IAS 39 Fair value option IAS 39 Macro hedging IAS 39 Reassessment of embedded derivatives IAS 39 Transition and day 1 profit recognition IAS 39 IAS 32 Debt to equity swaps IAS 39 IAS 37 Credit risk in liability measurement IAS 39 IFRS 4 Financial guarantee contracts and credit insurance IAS 39 IFRS 7 Reclassification of financial assets IAS 39 IFRS 9 Novation of OTC derivatives and continuing designation for hedge accounting IFRIC 16 Amendment to the restriction on the entity that can hold hedging instruments IFRIC 9 Scope of IFRIC 9 and revised IFRS 3 IFRS 7 Disclosures about investments in debt instruments IFRS 7 Improved disclosures about financial instruments Financial instruments General hedge accounting Financial instruments Impairment Financial instruments Limited reconsideration of IFRS 9 IAS 32 Put options over non controlling interests NCIs Info Convergence issues Financial instruments superseded Please see

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/project6 (2016-02-10)
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  • Disclosure initiative — IAS 1 amendments
    in financial reports adding additional explanations with examples of how IAS 1 requirements are designed to shape financial statements instead of specifying precise terms that must be used including whether subtotals of IFRS numbers such as earnings before interest and tax EBIT and earnings before interest tax depreciation and amortisation EBITDA should be acknowledged in IAS 1 adding a requirement that entities disclose and explain their net debt reconciliation Current status of the project This project has been completed The IASB issued Disclosure Initiative Amendments to IAS 1 on 18 December 2014 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 25 March 2014 ED 2014 1 Disclosure Initiative Proposed amendments to IAS 1 published Comments requested by 23 July 2014 18 December 2014 Disclosure Initiative Amendments to IAS 1 published Effective for annual periods beginning on or after 1 January 2016 early adoption permitted Related Discussions 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 Oct 2014 This session was devoted to finalising the discussions on the Amendments to IAS 1 project under the Disclosure Initiative The IASB discussed the three agenda papers relating to the Amendments to IAS 1 project 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 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 Materiality 21 Mar 2014 The IASB was asked to consider the objective and scope of a proposed project on materiality that would form part of the disclosure initiative 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 IASB activities update 24 Feb 2014 IASB Chairman Hans Hoogervorst and others from the IASB provided an

    Original URL path: http://www.iasplus.com/en/projects/completed/fs/ias-1-disclosure-initiative (2016-02-10)
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  • Effective dates and transition
    project This project has effectively been discontinued The IASB and FASB released Request for Views on Effective Dates and Transition Methods on 19 October 2010 The Boards are considered the feedback received in finalising their various high priority projects Project milestones Date Development Comments 19 October 2010 Request for Views on Effective Dates and Transition Methods published Comment deadline 31 January 2011 Related Discussions Effective date and transition method disclosure considerations 23 May 2012 The Board addressed a number of different topics related to disclosure considerations when discussing effective dates and transition guidance for adoption of new or amended IFRSs The topics that were discussed are the direct result of questions received by IASB staff in connection with IAS 8 Accounting Policies Changes in Accounting Estimates and Errors Effective dates 20 Mar 2012 In the light of the potential major changes in the financial statements resulting from the IASB s current major projects some constituents noted that it might be helpful if the Board were to consider providing additional guidance on the disclosures required on changes in accounting policies resulting from new IFRSs Effective dates 21 Jul 2011 The IASB and FASB considered 1 whether to re expose the proposals in the leasing project 2 a detailed assessment of feedback received on effective dates and transitional disclosures and 3 an effective date for the revenue recognition project Effective dates and transition methods 02 Mar 2011 The IASB and FASB considered feedback on their consultation documents Effective Dates and Transition Methods Consolidation and joint arrangements Effective dates and transition 15 Feb 2011 The IASB considered the effective date and early application of the forthcoming IFRS 10 IFRS 11 IFRS 12 IAS 27 revised 2011 and IAS 28 revised 2011 unanimously agreeing to require an effective date of 1 January 2013 with

    Original URL path: http://www.iasplus.com/en/projects/completed/other/effective-dates (2016-02-10)
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  • Emission rights
    instruments Financial statements and disclosure First time adoption Income taxes Leases Liabilities Other Revenue Share based payments Items not added to the agenda IFRIC Major projects Narrow scope amendments Post implementation reviews Research projects Navigation Assets Emission rights Extractive activities Exploration for and evaluation of mineral resources Extractive activities Comprehensive project IAS 16 Contingent pricing of property plant and equipment IAS 16 Stripping costs in the production phase of a mine IAS 16 IAS 38 Acceptable methods of depreciation and amortisation IAS 36 Recoverable amount disclosures for non financial assets IAS 38 Compliance costs for REACH IAS 41 Bearer plants IAS 41 Fair value measurement issues in agriculture Impairment of assets Rate regulated activities Interim standard Info Emission rights Background This IFRIC project considered the accounting for schemes that are based on a cap and trade model whereby participants are allocated typically by a government body emissions rights equal to a cap that is a target level of emissions and are permitted to trade those emission rights Current status of the project This project has been completed IFRIC 3 Emission Rights was issued on 2 December 2004 Project milestones Date Development Comments 15 May 2003 IFRIC D1 Emission Rights published Comment deadline 14 July 2003 2 December 2004 IFRIC 3 Emission Rights issued Effective for annual periods beginning on or after 1 March 2005 June 2005 IASB decides to withdraw IFRIC 3 with immediate effect Related news IASB statement on withdrawal of IFRIC 3 12 Jul 2005 IASB withdraws IFRIC 3 Emission Rights 25 Jun 2005 EFRAG recommends that the EC not endorse IFRIC 3 07 May 2005 EFRAG proposes not to endorse IFRIC 3 23 Feb 2005 IFRIC publishes two final interpretations 02 Dec 2004 EFRAG comment letter on IFRIC D1 is posted 29 Jul 2003 All Related Related

    Original URL path: http://www.iasplus.com/en/projects/completed/assets/project112 (2016-02-10)
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  • Employee benefits — Convergence issues (superseded)
    States English Toggle navigation Search site Toggle navigation Home News Publications Meetings Standards Projects Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Navigation Projects Major 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 Employee benefits Employee benefits Convergence issues superseded IAS 19 Actuarial gains and losses group plans and disclosures IAS 19 Allocation of benefits to periods of service IAS 19 Changes in employment benefits and actuarial assumptions IAS 19 Discount rate IAS 19 Distinction between curtailments and past service cost IAS 19 Distinguishing between defined benefit and defined contribution plans hybrid plans IAS 19 Effect of minimum funding requirements on asset ceiling IAS 19 Employee benefit plans with a promised return on contributions or notional contributions IAS 19 Employee contributions to defined benefit plans IAS 19 Multiemployer plan exemption IAS 19 Termination benefits IAS 19 The asset ceiling IFRIC 14 Voluntary prepaid contributions under a minimum funding requirement Post employment benefits Amendments to IAS 19 Post employment benefits Discount rate Info Employee benefits Convergence issues superseded 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 Click here for general information about the convergence project Quick links IAS 19 Employee Benefits 1998 superseded Post employment benefits Comprehensive project Related news IASB Employee Benefits group will meet 5 June 27 May 2007 All Related Contact us About Legal

    Original URL path: http://www.iasplus.com/en/projects/completed/employee-benefits/project82 (2016-02-10)
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  • Extractive activities — Exploration for and evaluation of mineral resources
    implementation reviews Research projects Navigation Assets Emission rights Extractive activities Exploration for and evaluation of mineral resources Extractive activities Comprehensive project IAS 16 Contingent pricing of property plant and equipment IAS 16 Stripping costs in the production phase of a mine IAS 16 IAS 38 Acceptable methods of depreciation and amortisation IAS 36 Recoverable amount disclosures for non financial assets IAS 38 Compliance costs for REACH IAS 41 Bearer plants IAS 41 Fair value measurement issues in agriculture Impairment of assets Rate regulated activities Interim standard Info Extractive activities Exploration for and evaluation of mineral resources Background As part of the possible comprehensive project on extractive activities the IASB decided in September 2002 that it was not feasible to complete the comprehensive project in time for entities to apply as part of the adoption of IFRS by many entities in 2005 Accordingly the IASB undertook a short term project on the accounting for exploration and evaluation expenditures designed to make limited improvements to accounting practices without requiring major changes that might be reversed in any comprehensive project on extractive activities Current status of the project This project has been completed IFRS 6 Exploration for and Evaluation of Mineral Resources was issued in December 2004 and is effective for annual periods beginning on or after 1 January 2006 Project milestones Date Development Comments 15 January 2004 Exposure Draft ED 6 Exploration for and Evaluation of Mineral Resources published Comment deadline 16 April 2004 10 December 2004 IFRS 6 Exploration for and Evaluation of Mineral Resources issued Effective for annual periods beginning on or after 1 January 2006 Quick links Extractive activities Comprehensive project IFRS 6 Exploration for and Evaluation of Mineral Resources Related news Amendments to IFRS 6 and IFRS 1 30 Jun 2005 Standard on extractive industries is issued 10

    Original URL path: http://www.iasplus.com/en/projects/completed/assets/extractives-exploration (2016-02-10)
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  • Extractive activities — Comprehensive project
    for non financial assets IAS 38 Compliance costs for REACH IAS 41 Bearer plants IAS 41 Fair value measurement issues in agriculture Impairment of assets Rate regulated activities Interim standard Info Extractive activities Comprehensive project Background Extractive activities are the exploration for and discovery of minerals oil and natural gas deposits developing those deposits and extracting the minerals oil and natural gas Extractive activities are excluded from the scope of several otherwise relevant standards and thus there is no specific guidance This has resulted in diversity in accounting practice This project was carried over from the IASC The IASC had a project on extractive industries led by an IASC Steering Committee on Extractive Industries which considered a broad range of issues including reserves and resources estimation historical and valuation based concepts of measurement of resources related assets treatment of removal and restoration costs impairment revenue inventories and arrangements to share risks and costs The IASB undertook a short term project on the accounting for exploration and evaluation expenditures designed to make limited improvements to accounting practices without requiring major changes that might be reversed in any comprehensive project on extractive activities This short term project led to the issue of IFRS 6 Exploration for and Evaluation of Mineral Resources in December 2004 In addition to these steps a project team of national standard setters from Australia Canada Norway and South Africa has undertaken a research project on extractive activities This project has had a narrower focus dealing with the nature of the unique assets arising in the extractive process rights and access to and information about possible mineral or oil and gas resources Current status of the project The IASB published a discussion paper prepared by the national standard setters project team in April 2010 and received an analysis of the comments received in October 2010 In December 2012 the IASB effectively discontinued this project and activated a broader research project on intangible assets as part of its response to its Agenda consultation 2011 This broader project is designed to assess the feasibility of developing one set of reporting requirements for investigative exploratory and developmental activities across a wide range of activities Project milestones Date Development Comments 30 November 2000 Summary of Issues Extractive Industries published by IASC Comment deadline 30 June 2001 10 August 2009 Staff draft of Discussion Paper Extractive Activities released Comments not requested 6 April 2010 Discussion Paper DP 2010 1 Extractive Activities published Comment deadline 30 July 2010 December 2012 Project discontinued in favour of a broader intangible assets project Related Discussions Research programme 23 Jul 2014 The Board was presented a paper setting out how the IASB should prioritise the projects in the research programme Extractive activities Comment letter analysis 19 Oct 2010 The Board considered the comments received on the Discussion Paper Extractive Activities published earlier in 2010 This was an educational session only no decisions were made Extractive Industries 19 Sep 2008 All Related Quick links Extractive activities Exploration and evaluation IFRS

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