IASB-only meeting March 2013IASB issues March 2013 IASB-only meeting highlights Key issues At the March 2013 IASB-only meeting the following issues were discussed: Agriculture: bearer biological assets: The IASB concluded that it had met the due process requirements for the proposed amendments to IAS 16, Property, Plant and Equipment and IAS 41, Agriculture and asked the staff to begin the balloting process for the Exposure Draft. The IASB plans to publish the Exposure Draft in Q2-2013 with a comment period of 120 days. Annual Improvements 2010-2012: The IASB discussed two of the eleven proposals from the Exposure Draft, Annual Improvements to IFRSs 2010-2012 Cycle that was published in May 2012. On the basis of the comments received from respondents and the recommendations of the IFRS Interpretations Committee, the IASB reached certain tentative decisions on the following: IAS 24, Related Party Disclosures ‒ Key management personnel services IAS 1, Presentation of Financial Statements ‒ Current/noncurrent classification of liabilities Conceptual Framework: The IASB continued its discussion on an early draft of the Discussion Paper on the Conceptual Framework and reached certain tentative decisions on the following issues: Presentation and disclosure Presentation in the statement of comprehensive income Additional guidance on constructive obligations and economic compulsion, to support the definition of liability Measurement Boundary between liabilities and equity Definitions of income and expense Capital maintenance Fair value measurement: The IASB discussed whether the unit of account for investments in subsidiaries, joint ventures, and associates is the investment as a whole or the individual financial instruments that make up the investment. The IASB tentatively decided that the unit of account would be the investment as a whole. IAS 1, Presentation of Financial Statements ‒ proposed disclosure requirements about assessment of going concern: The Board tentatively decided to further develop the proposals for a narrow-focus amendment to IAS 1 on the disclosures about the assessment of going concern recommended by the IFRS Interpretations Committee. IAS 19, Employee Benefits: The IASB members agreed that they had complied with the due process requirements to date in developing the Exposure Draft, Defined Benefit Plans: Employee Contributions (Proposed amendments to IAS 19 Employee Benefits). On March 25, 2013, the IASB issued the Exposure Draft with a comment period ending July 25, 2013. IFRS for SMEs: comprehensive review 2012-2014: The IASB commenced their discussion of the Request for Information, Comprehensive Review of the IFRS for SMEs, including issues relating to the scope of the IFRS for SMEs as well as a framework for considering new and revised Standards that have been issued since the IFRS for SMEs was published. The IASB reached a tentative decision on the clarification of use of the IFRS for SMEs by not-for-profit entities. Put options written on noncontrolling interests: After receiving a report on the feedback from the comment letters on the draft Interpretation on the accounting for put options written on noncontrolling interests in the parent's consolidated financial statements and the IFRS Interpretations Committee's views on the draft Interpretation, the Board tentatively decided to reconsider the requirements in paragraph 23 of IAS 32, Financial Instruments: Presentation, including whether all or particular put options and forward contracts written on an entity's own equity should be measured on a net basis at fair value. Revenue recognition: The Board tentatively decided to reverse its February 2013 tentative decision and permit early application of the proposed revenue standard. Work plan: The work plan as of March 25, 2013, reflecting decisions made at the March 2013 meeting, is available on the IASB website. All decisions reached at IASB meetings are tentative and may be changed or modified at future meetings. Board decisions become final only after completion of a formal ballot to issue a Standard or Interpretation or to publish an Exposure Draft. The International Accounting Standards Board has issued an IASB Update, which summarizes the IASB-only meeting that was held on March 19-21, 2013. Highlights of the meeting are discussed below. Agriculture: bearer biological assets The IASB discussed a paper summarizing the steps that it has taken in developing the proposed amendments to IAS 16, Property, Plant and Equipment and IAS 41, Agriculture, the actions taken to comply with the necessary due process steps, and an initial effect analysis of the proposals. The IASB concluded that it had met the due process requirements and asked the staff to begin the balloting process for the Exposure Draft. The IASB plans to publish the Exposure Draft in Q2-2013 with a comment period of 120 days. See the IASB project summary for more information on this project. Annual Improvements 2010-2012 The IASB discussed two of the eleven proposals from the Exposure Draft, Annual Improvements to IFRSs 2010-2012 Cycle that was published in May 2012. IAS 24, Related Party Disclosures ‒ Key management personnel services The Exposure Draft includes the following proposed amendments to IAS 24, Related Party Disclosures to clarify the requirements about key management personnel (KMP) services that are provided...
On The Horizon For IFRS - April 5, 2013
|Author:||Ms Grant Thornton's Audit Practice Group|
|Profession:||Grant Thornton LLP|
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