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  • Fair value measurement
    2015 The Board discussed the application example prepared by the staff related to question 4 of the Exposure Draft ED Measuring Quoted Investments in Subsidiaries Joint Ventures and Associates at Fair Value Proposed amendments to IFRS 10 IFRS 12 IAS 27 IAS 28 and IAS 36 and Illustrative Examples for IFRS 13 Fair value measurement 19 Mar 2015 The Board discussed 1 user feedback from outreach activities and 2 comment letters received on the ED Fair value measurement 19 Oct 2011 The IASB and FASB discussed the development of educational material relating to fair value measurements Fair value measurement 15 Mar 2011 The IASB and FASB discussed the effective date and transition requirements for their forthcoming standards on fair value measurements Cross cutting issues Taking uncertainty into account in the measurement of an asset or liability 17 Feb 2011 The IASB and FASB held an education session held an education session to understand and evaluate different ways of addressing the uncertainty that arises when 1 an asset or a liability is measured by reference to future cash flows 2 the future cash flows are uncertain e g there is a range of possible outcomes Fair value measurement 17 Dec 2010 The IASB and FASB discussed IAS 19 plan assets measured at fair value measuring the fair value of a liability issued with an inseparable third party credit enhancement and disclosures about fair values with modifications such as fair value less costs to sell Fair value measurement 14 Dec 2010 The IASB and FASB discussed 1 whether the proposed disclosure requirements would also apply to those fair value measurements when fair value is adjusted as part of the measurement attribute e g fair value less cost to sell 2 fair value measurement of a liability issued with an inseparable third party guarantee Fair value measurement 18 Nov 2010 The IASB and FASB discussed 1 measuring the fair value of an entity s own equity instruments 2 premiums and discounts in a fair value measurement 3 the measurement uncertainty analysis disclosure 4 measuring the fair value of a group of financial assets and liabilities Fair value measurement guidance 21 Oct 2010 The IASB and FASB began their redeliberations on the pending fair value measurement standard based on feedback received to the IASB s exposure draft on measurement uncertainty and the FASB s proposed ASU Fair value measurement guidance 15 Sep 2010 The staffs of both the IASB and FASB presented to the two Boards the results of comments received from the IASB s exposure draft on the sensitivity analysis disclosures and the FASB s proposed Accounting Standards Update amending certain measurement guidance and disclosure requirements as a result of the joint deliberations with the IASB Fair Value Measurement 24 Mar 2010 The Boards discussed the direction of the sensitivity analysis for Level 3 fair value measurement Fair Value Measurement 22 Mar 2010 The Boards discussed the disclosure requirements of a converged fair value measurement Standard Fair Value Measurement 18 Mar 2010 The

    Original URL path: http://www.iasplus.com/en/projects/completed/other/fvm (2016-02-10)
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  • Financial instruments — Effective date of IFRS 9
    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 Financial instruments Effective date of IFRS 9 Background The mandatory effective date for the classification and measurement and derecognition sections of IFRS 9 Financial Instruments when they were originally issued was 1 January 2013 The Basis for Conclusions of IFRS 9 references that the Board expected transition of all phases of the IAS 39 replacement project to occur concurrently and that it may delay the effective date to align with the effective date of the forthcoming insurance standard However during 2011 based on the progress of the hedge accounting including macro hedging and impairment projects it became questionable whether 1 January 2013 is still a realistic effective date to finalise all portions of the standard and provide sufficient time for implementation Additionally the insurance project was still ongoing and an effective date had not yet been determined Based on the above in July 2011 the Board began a project to delay the mandatory effective date to annual periods beginning on or after 1 January 2015 Current status of the project This project has been completed The IASB published Mandatory Effective Date and Transition Disclosures Amendments to IFRS 9 and IFRS 7 on 16 December 2011 Project milestones Date Development Comments July 2011 Project added to IASB s agenda 4 August 2011 Exposure Draft ED 2011 3 Mandatory Effective Date of IFRS 9 published Comment deadline 21 October 2011 16 December 2011 Mandatory Effective Date and Transition Disclosures Amendments to IFRS 9 and IFRS 7 Amends the effective date of IFRS 9 to annual periods beginning on or after 1 January 2015 and modifies the relief from restating comparative periods and the associated disclosures in IFRS 7 Related Discussions Financial instruments Impairment 21 Nov 2013 Report of the IASB Chairman 12 Jan 2012 Hans Hoogervorst noted that he had provided a detailed written report with supporting appendices He limited his remarks to highlighting some issues IFRS 9 Targeted improvements continued 16 Nov 2011 The Board discussed whether anyone planned to dissent from the amendment to IFRS 9 delaying the mandatory effective date to annual periods beginning on or after 1 January 2015 IFRS 9 Targeted improvements 15 Nov 2011 The IASB discussed whether to initiate a review of IFRS 9 and also discussed the effective date of revised disclosure requirements in light of the IASB s decision to defer the application of IFRS 9 Effective date of IFRS 9 07 Nov 2011 At the November supplemental Board meeting the Board considered feedback received on the exposure draft in relation to the mandatory effective date of IFRS 9 and the requirement to restate comparative financial statements Financial instruments Effective date of IFRS 9 28 Jul 2011 The IASB considered the following sweep issues in finalising the forthcoming exposure draft 1 the relief period for

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/ifrs-9-effective-date (2016-02-10)
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  • Financial instruments — Limited reconsideration of IFRS 9
    2014 IASB Chairman Hans Hoogervorst and others from the IASB provided an update on recent IASB activities Financial instruments Limited amendments to IFRS 9 classification and measurement 21 Feb 2014 The Board discussed the recent FASB decision to diverge from the classification model with the IASB and reviewed the due process requirements in order to proceed with the balloting process Financial instruments Limited amendments to IFRS 9 classification and measurement 22 Jan 2014 The IASB discussed the redeliberations of the IASB s Exposure Draft ED 2012 4 Classification and Measurement Limited Amendments to IFRS 9 Proposed amendments to IFRS 9 2010 the Limited Amendments ED Financial instruments Limited amendments to IFRS 9 12 Dec 2013 The Board discussed a proposal to extend the applicability of the fair value option to items in the new fair value through other comprehensive income FVOCI measurement category Financial instruments Limited amendments to IFRS 9 classification and measurement IASB FASB 20 Nov 2013 The IASB and the FASB discussed clarifications to the business model assessment in the boards recent Exposure Drafts Financial instruments Limited reconsideration of IFRS 9 classification and measurement IASB FASB 18 Sep 2013 The IASB and FASB discussed 1 definition of principal 2 concerns over de minimus features 3 components of interest 4 the meaning of time value of money 5 the impact of contingent features including those that are not solely principal and interest 6 the nature of the contingent trigger event 7 prepayment features resulting in cash flows that are not solely principal and interest Classification and measurement IASB and FASB 18 Jun 2013 The Boards were presented with summaries on the feedback the IASB and FASB received during their outreach activities concerning classification and measurement IFRS 9 Limited amendments classification and measurement 11 Jun 2013 The IFRS Advisory Council discussed constituent feedback on the IASB s proposals in ED 2012 4 Classification and Measurement Limited Amendments to IFRS 9 proposed amendments to IFRS 9 2010 IASB projects review 10 Jun 2013 Sue Lloyd and Alan Teixeira provided the IFRS Advisory Council with a review the current work of the IASB IFRS 9 Limited amendments classification and measurement IASB and FASB 24 May 2013 The staff summarised some of the feedback received by the IASB on its exposure draft ED 2012 4 Classification and Measurement Limited Amendments to IFRS 9 Limited amendments to IFRS 9 26 Feb 2013 The IASB staff made a presentation on the recently issued ED proposing limited amendments to IFRS 9 noting its intent to improve the interaction with the insurance contracts project to address a narrow range of application issues and to reduce key differences with the FASB s standards Financial instruments Limited consideration of IFRS 9 classification and measurement IASB only 18 Oct 2012 The Board noted that it will continue with the drafting of the Exposure Draft noting the sweep issue in the basis for conclusions Financial Instruments Classification and Measurement 20 Jul 2012 The Board discussed the transition and disclosure requirements as

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/limited-reconsideration-of-ifrs-9 (2016-02-10)
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  • Financial instruments — General hedge accounting
    of the Due Process Oversight Committee 11 Apr 2013 The Due Process Oversight Committee provided an update on its review of the insurance and hedging projects 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 Hedge accounting 20 Sep 2011 The IASB considered 1 application of the proposed disclosure requirements to dynamic hedging strategies 2 hedging using credit derivatives 3 the effective date and transition of the hedge accounting standard and 4 next steps Financial instruments Hedge accounting 28 Jul 2011 The IASB discussed the following topics 1 designation of risk components 2 use of credit derivatives 3 redeliberation of the proposed disclosure requirements 4 whether to permit linked presentation for fair value hedges 5 constituent feedback on the own use proposals Financial instruments Hedge accounting 20 Jul 2011 The IASB considered 1 a staff recommendation to permit the recognition of forward points that exist at inception of a hedging relationship in profit or loss over time on a rational basis and accumulate subsequent fair value changes in accumulated other comprehensive income and 2 consider outreach activities for the exposure draft regarding aggregated exposures Financial instruments Hedge accounting 20 Jul 2011 The IASB discussed the proposals in the hedge accounting exposure draft related to hedging groups and net positions IASB EFRAG meeting 14 Jun 2011 Multiple Board members of the IASB its staff and the incoming vice chairman of the IASB met with members of the European Financial Reporting Advisory Group EFRAG to discuss 1 the state of the major projects 2 new standards on consolidation joint arrangements and disclosures 3 the timeline for completion of major projects Financial instruments Hedge accounting 02 Jun 2011 The IASB and FASB debated the following topics as part of their redeliberations on the hedge accounting exposure draft 1 rebalancing the hedging relationship 2 discontinuing the hedging relationship 3 options as hedging instruments 4 net written options Hedge accounting 12 May 2011 The IASB and FASB considered feedback provided during the Board s outreach activities and comments received from the hedge accounting exposure in relation to hedge effectiveness assessment Financial instruments Hedge accounting 27 Apr 2011 The IASB deliberated on the following topics 1 accounting for the time value of options for zero cost collars 2 designation of nominal components 3 accounting for fair value hedges Financial instruments Hedge accounting 15 Apr 2011 The IASB and FASB 1 discussed the designation of portions of items that are larger than the cash flows of the hedged item commonly referred to as the sub LIBOR issue 2 considered certain issues raised by respondents related to cash instruments as hedging instruments 3 held an education session on the forthcoming macro hedge

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/general-hedge-accounting (2016-02-10)
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  • Financial instruments — Classification and measurement
    Fair Value Option for Financial Liabilities published Comment deadline 16 July 2010 28 October 2010 IFRS 9 Financial Instruments reissued incorporating accounting for financial liabilities and derecognition Effective for annual periods beginning 1 July 2013 Subsequently amended to 1 January 2015 Related Discussions 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 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 Classification and measurement IASB and FASB 18 Jun 2013 The Boards were presented with summaries on the feedback the IASB and FASB received during their outreach activities concerning classification and measurement Financial instruments Classification and measurement 26 Sep 2012 The Board discussed the following topics in relation to its proposed limited amendments to the classification and measurement requirements in IFRS 9 1 relief to accelerate application of own credit requirements 2 two additional transition issues related to the limited amendments to IFRS 9 and one related issue for impairment and 3 due process considerations Financial instruments Classification and measurement 17 Apr 2012 The Boards continued their joint discussions on financial instrument classification and measurement and the limited amendments to IFRS 9 and the FASB s revisions to their original proposals Financial instruments Classification and measurement 14 Jun 2011 The IASB held an education session where the FASB staff provided an update on the FASB s decisions to date on its re deliberations of their financial instrument classification and measurement project Technical plan 17 Nov 2010 The IASB and FASB briefly discussed the timing of each of the Memorandum of Understanding MOU joint projects in preparation for the intended issue of an updated technical plan Three projects were discussed in detail financial instruments discontinued operations and the Conceptual Framework Classification and measurement of financial liabilities Fair value option for financial liabilities 05 Oct 2010 The IASB 1 reconsidered their tentative decision to not permit recycling of amounts within OCI even when a liability is derecognised at an amount other than the contractual amount 2 discussed the effective date and transition guidance related to fair value of financial liabilities 3 agreed to relocate to IFRS 9 relevant parts of Implementation Guidance of IAS 39 related to requirements relocated from IAS 39 Classification and measurement of financial liabilities Fair value option for financial liabilities 24 Sep 2010 The Board continued its re deliberation of the proposal for classification and measurement of financial liabilities resulting from the ED Fair Value Option for Financial Liabilities discussing 1 application to loan commitments and financial guarantee contracts 2 presentation of changes in credit risk 3 recycling of amounts from OCI to profit and loss Classification and measurement of financial liabilities Fair value option for financial liabilities 14 Sep 2010

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/fi-classification-and-measurement (2016-02-10)
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  • Financial instruments — Asset and liability offsetting
    2010 Added to the IASB s agenda 28 July 2010 User survey published Completion deadline 20 August 2010 28 January 2011 Exposure Draft ED 2011 01 Offsetting Financial Assets and Financial Liabilities published Comment deadline 28 April 2011 16 December 2011 Disclosures Offsetting Financial Assets and Financial Liabilities Amendments to IFRS 7 issued The amendments to IFRS 7 apply to annual periods beginning on or after 1 January 2013 and interim periods within those periods 16 December 2011 Offsetting Financial Assets and Financial Liabilities Amendments to IAS 32 issued The amendments to the application guidance in IAS 32 are applicable to annual periods beginning on or after 1 January 2014 Related Discussions IFRS 7 Applicability of the amendments to IFRS 7 on offsetting financial assets and financial liabilities to condensed interim financial statements 13 Mar 2013 The IFRS Interpretations Committee discussed a request for guidance on the applicability of the amendments to IFRS 7 Disclosure Offsetting Financial Assets and Financial Liabilities issued in December 2011 to condensed interim financial statements Offsetting Update IASB only 20 Nov 2012 The staff updated the IASB on the amended scope to the related disclosure requirements the FASB has tentatively reached Report of the IASB Chairman 12 Jan 2012 Hans Hoogervorst noted that he had provided a detailed written report with supporting appendices He limited his remarks to highlighting some issues Offsetting Additional feedback Effective dates 15 Nov 2011 The IASB considered the effective date for the forthcoming clarifying amendments to IAS 32 Financial Instruments Presentation and the new disclosures requirements on offsetting financial instruments Asset and liability offsetting 20 Sep 2011 The IASB considered areas of diversity in practice identified during the offsetting project including 1 the meaning of currently has a legally enforceable right of set off 2 the application of the simultaneous settlement criterion 3 the treatment of collateral and margin and 4 issues around unit of account The Board also considered the effective date and transition of the amendments Financial instruments Asset and liability offsetting 28 Jul 2011 The IASB held a short discussion on the effective date and transition requirements regarding converged IASB FASB offsetting disclosures Financial instruments Asset and liability offsetting 22 Jul 2011 The IASB considered whether to proceed with the proposals in the offsetting exposure draft or to simply retain existing IAS 32 guidance and implement new disclosures based on the exposure draft and deliberations with the FASB Asset and liability offsetting 21 Jul 2011 The IASB and FASB discussed the scope and presentation of the proposed disclosure requirements that would allow users to more easily compare credit exposure among US GAAP and IFRS preparers in light of the Board s inability to agree on the overall approach for offsetting of financial assets and financial liabilities Financial instruments Asset and liability offsetting 14 Jun 2011 The IASB and FASB discussed the overriding model for offsetting based on feedback received from the proposals in the exposure draft The Boards considered three possible alternatives for the offsetting model IASB

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/project39 (2016-02-10)
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  • Financial instruments — Joint Working Group proposal
    IASC strongly encouraged comments by 30 June The other participating standard setters either had already done the same thing or agreed to do so Although the Board of IASC has discussed most aspects of the draft standard the views expressed in the document do not necessarily reflect the views of the IASC Board And while written in the form of a draft standard it is not an IASC draft standard or exposure draft Nonetheless it represents three and a half years of hard work by representatives of over a dozen countries and as such is likely to command considerable attention by the new IASC and by national accounting standard setters IASC and the other standard setters participating in the Joint Working Group on Financial Instruments have posted on their websites an electronic version of the JWG draft standard and basis for conclusions Key conclusions of the Joint Working Group Scope The JWG proposal would apply to all enterprises regardless of size or whether their securities are publicly traded Its scope would be similar to IAS 39 but it includes financial guarantee contracts it includes weather derivatives it applies to acquired mortgage and loan servicing assets and liabilities it applies to any obligation that either party can settle in cash Recognition and derecognition Recognition of financial instruments similar to IAS 39 all financial assets and all financial liabilities must be on the balance sheet including all derivatives The JWG s embedded derivative provisions are similar to those in IAS 39 except of course there will be fewer separations because more hybrids will be measured at fair value under the JWG proposal Separation some call it bifurcation of the embedded derivative from the host contract is not required if the combined hybrid is itself measured at fair value Derecognition when an enterprise is no longer a party to the contractual rights or obligations that is the transferor has no continuing interest in the financial asset or liability it should be derecognised The JWG would derecognise in most repurchase agreements and securities lending transactions Note Under the JWG tentative thinking the transferee must have substance in its own right or the transferred asset must be isolated in bankruptcy Measurement Measure all financial instruments at fair value when recognised initially Remeasure to fair value at each reporting date Fair value is exit price based on market transactions Fair value is best determined from an observed market price If the financial instrument is exchange traded fair value is the closing price minus commissions If the financial instrument is dealer traded fair value is the bid price for assets and the asked price for liabilities The best measure of fair value is the market price for an identical instrument If that is not available use the price for a similar instrument If the instrument trades in more than one market use the most advantageous price from the perspective of the reporting enterprise If no there is no established market price for an identical or similar financial

    Original URL path: http://www.iasplus.com/en/projects/completed/fi/jwg (2016-02-10)
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  • Financial instruments — Derecognition
    limited scope project would address questions that have arisen with regard to the application of conflicting aspects of IAS 39 s guidance on derecognition The project would result in an amendment to IAS 39 possibly through issuance of a separate standard on derecognition that supersedes that section of IAS 39 Current status of the project The IASB had originally proposed to replace the existing derecognition model in IAS 39 Financial Instruments Recognition and Measurement and the associated disclosure requirements in IFRS 7 Financial Instruments Disclosures However in light of the feedback received during the consultation process the IASB decided to retain the existing derecognition requirements and to finalise improved disclosure requirements Disclosures Transfers of Financial Assets Amendments to IFRS 7 Financial Instruments Disclosures was issued on 7 October 2010 Project milestones Date Development Comments July 2008 Added to the active agenda 31 March 2009 Exposure Draft ED 2009 3 Derecognition published Comments deadline 31 July 2009 7 October 2010 Disclosures Transfers of Financial Assets Amendments to IFRS 7 Financial Instruments Disclosures published The amendments apply to annual periods beginning on or after 1 July 2011 Related Discussions Amendments to IFRS 7 05 Oct 2010 The Board reconsidered the transition requirements of forthcoming amendments to IFRS 7 related to derecognition of financial assets and based on limited time for implementation decided to provide the same relief in respect of comparative disclosures to all entities not only current IFRS users but also first time adopters Derecognition of financial instruments 24 Sep 2010 The IASB reconsidered the effective date of the forthcoming amendments to IFRS 7 in light of the timeframe given to preparers to comply with the disclosure requirements Derecognition 20 Jun 2010 The IASB considered its near term focus on increasing the level of transparency and comparability with respect to disclosures of transfers of financial assets between IFRS and U S GAAP Derecognition 21 Apr 2010 The Boards discussed the IASB derecognition model for financial assets and liabilities focusing in particular on the issues identified by the FASB during the previous educational session as issues requiring clarification Derecognition 18 Mar 2010 The Boards discussed accounting for repurchase agreements repos and similar transactions pass through arrangements nonrecourse loans and accounting for assets and liabilities of SPEs and disclosures Derecognition of Financial Instruments 15 Feb 2010 The Board discussed the definition of transfer derecognition principle and accounting for repurchase agreements Derecognition of Financial Instruments 19 Jan 2010 The Board discussed offsetting of financial assets and financial liabilities and whether to include offsetting in the scope of the derecognition project Derecognition 18 Dec 2009 The Board discussed modification and extinguishment of financial liabilities accounting for extinguishment and modifications of financial liabilities and modification of financial liabilities Derecognition of Financial Instruments 23 Oct 2009 The Board discussed bankruptcy remoteness concept accounting for repurchase agreements and similar transactions accounting for retained interests and the derecognition approach Derecognition 16 Sep 2009 The Board discussed the comprehensive analysis of comment letters and outreach to constituents on the derecognition

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