Page 3 15 december 2009 working draft of iasb discussion paper status of the working draft publication of the extractive activities discussion paper deferred until early 2010 working draft made available for interested observers, but no comments are requested working draft presents the project teams findings and recommendations iasb has not developed preliminary views on the. Iasb publishes covid 19 guidance on ifrs 16, will discuss covid 19 implications in supplementary meeting. The iasbs discussion paper on accounting for dynamic risk. September 26, 2008 international accounting standards. Iasb issues conceptual framework for financial reporting ey.
Ias 34 requires that the frequency of an entitys reporting should not affect the measurement of its annual results. More than 99 percent of public school boards in illinois hold active membership. Joint update note from the iasb and fasb on accounting. Amendment to ias 39 on the fair value option 8 25 june 05 iasb. Ifrs 3 business combinations agenda papers 12a 12b. In 2010, the iasb published a discussion paper the dp about financial reporting issues associated with exploring for and finding minerals, oil and natural gas deposits, developing and extracting the minerals, oil and natural gas. Iasb publishes a discussion paper on principles of disclosures. Jicpas comment letter to the iasb can be obtained at. Whether or not the iasb will add a comprehensive project on employment benefits will depend on the outcome of this public consultation process. The iasbs conceptual framework for financial reporting. Amendments to ias 19 employee benefits to be issued in may 2011.
Comments on the contents of the discussion paper should be submitted in writing so as to be received by 19 september 2008. Iasb issues conceptual framework for financial reporting. Implementing the 2011 revisions to employee benefits. In the second quarter the iasb published a discussion paper for the project financial instruments with characteristics of equity. The proposed iasb changes are significant, although smaller in scope than the proposals made in the previous discussion paper on ias 19 that was issued by the iasb in march 2008. The discussion paper feedback is expected in q1 2018. The amicus program of the illinois association of school boards supported member board of education wood dale sd 7 in a major victory before the illinois supreme court involving sick leave provision of the school code. International accounting standards board 30 cannon street london, ec4m 6xh united kingdom re. This iasb update highlights preliminary decisions of the international accounting standards board board. Iasb organisation and structure projects with relevance to the supervision of the financial sector. A dp was issued in march 2017 with a consultation period to 2 october 2017. The iasbs research project on financial instruments with characteristics of equity fice is a new round of a long debate on how to distinguish liabilities from equity instruments. Iasb publishes a discussion paper on principles of disclosures 1 why the discussion paper has been issued there has been consistent feedback from preparers and auditors that the disclosure requirements in ifrs are difficult to work with, and from investors that they arent getting the right information. In the longer term, the iasb intends to work with the us fasb towards a common standard on postemployment benefit promises.
A discussion paper preliminary views on amendments to ias 19 was published for public comment in 2008. Discussion paper reducing complexity in reporting financial. Efrag covering all iasb major exposure drafts open for comments and conveying the views of european. The following summary was developed using the iasb exposure draft, insurance contracts, issued in july 2010, fasb discussion paper, preliminary views on insurance contracts, issued in september 201o as well as pwc knowledge gained from attendance at iasb and fasb meetings through october 19, 2012. Comments on the discussion paper of preliminary views on amendments to ias 19 employee benefits september 30, 2008. Insurance contracts agenda paper 2 the board received an update on the strategy for supporting implementation of ifrs 17 insurance contracts. School board members volunteer their time to ensure growth and progress not only for students.
Hence, the boards are seeking to clarify this concept. Iasb objective is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and. The european financial reporting advisory group efrag, the fsr danish auditors, the confederation of danish industry di, and the international accounting standards board iasb will host a joint outreach event on 23 november in copenhagen on the iasbs discussion paper financial instruments with characteristics of equity. In the first quarter the iasb issued a narrow scope amendment to ias 19 employee benefits, and released the revised conceptual framework for financial reporting.
The board plans to issue ifrs 17 in the second half of may 2017. In the first quarter the iasb issued a narrow scope amendment to. Employee benefits project added to the agenda july 2006 discussion paper published may 2008 exposure draft published april 2010 amendments to ias 19 issued june 2011. The board is also seeking feedback on how companies should account for goodwill arising from such transactions. All the paragraphs have equal authority but retain the iasc format of the standard when it was adopted by the iasb. Iasb members indicated their support for the direction of both projects. The board met on monday 17 june until wednesday 19 june 2019 at the ifrs.
An ed regarding changes in accounting policies and estimates is expected after 6 months. Ias 19 employee benefits employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees. The american academy of actuaries1 committee on pension accounting thanks the iasb for this opportunity to comment on its discussion paper. The discussion paper is open for comment until 7 january 2019. Iasb meeting agenda reference 3a staff paper date may 2009 project credit risk in liability measurement topic credit risk in liability measurement discussion paper this paper has been prepared by the technical staff of the iascf for discussion at a public meeting of the iasb. Constituent remarks in their comment letters to the iasb exposure draft, amendments to ias 37 provisions, contingent liabilities and contingent assets and ias 19 employee benefits and at the ias 37 roundtables suggest the current description of a present obligation is not clear. The iasb then met on occasions to consider the responses and further re. September 26, 2008 international accounting standards board. The iasb discussed a revised working draft of the description and discussion of measurement bases for the exposure draft.
The iasb dp is likely to result either in amendments to parts of ias 1. Preliminary views on amendments to ias 19 employee benefits. The international accounting standards board board has published a discussion paper on possible improvements to the information companies report about acquisitions of businesses to help investors assess how successful those acquisitions have been. As such ias 17 prescribes that the lessee charges the rentals payable to the income statement. Withdrawal of ifric 3, emission rights for reasons of withdrawal, please refer to appendix 2 ifric update 9 30 june 05 iasb. Comments on the discussion paper are requested by 7 january 2019. Discussion paper october 2008 the iasb and fasb expect to publish exposure drafts proposing boards to publish in q1 2010 the ed on proposals to eliminate oci items outside of one statement of comprehensive income, finalise q3 2010 ed on financial statement presentation in q2 2010 q2 2011 final standard on financial statement.
Annexes to the discussion paper contain a discussion of the two alternative approaches discussed by the iasb, each based on only one of the two features, and a comparison of the classification of selected financial instruments under ias 32 and under the iasb s preferred approach. Financial instruments with characteristics of equity fice. Isca actively undertakes public consultation with its members and stakeholders to gather feedback on matters such as proposals in exposure draftsdiscussion papersrequests for information issued by the international accounting standards board iasb. The iasb has finalised its discussions on this project and issued a discussion paper on 28 june 2018. Ias 19 employee benefits international actuarial association. Exposure draft ed20201 interest rate benchmark reform phase 2 proposed amendments to ifrs 9, ias 39, ifrs 7, ifrs 4 and ifrs 16. The board is also seeking feedback on how companies should account for goodwill arising from. An exposure draft of amendments to ias 19 will then be developed. Technical summary this extract has been prepared by iasc foundation staff and has not been approved by the iasb. On september 26, 2008, the jicpa submitted comments on the discussion paper of preliminary views on amendments to ias 19 employee benefits. For the requirements reference must be made to international financial reporting standards. In november 2011 the iasb agreed to consider modifying ifrs 9, particularly in view of convergence and the insurance contracts project. The iasb announced that their discussion and vote on the ifrs 17 effective date will be at their meeting during the. The iasb and the fasb have consistently received feedback from stakeholders to the effect that every effort should be made to make their respective financial instruments accounting standards converge.
The boards final decisions on ifrs standards, amendments and ifric interpretations are formally balloted as set forth in the due process handbook of the ifrs foundation and the ifrs interpretation committee. The iasbs conceptual framework for financial reporting i am from england, and here in the uk, unlike most countries, our system of. Ias 39 overhaul ifrs 9 two bucket approach business model. The iasb tentatively decided to amend the discussion of initial measurement that was included in the discussion paper by. However, we are very disappointed in the discussion paper, and do not consider that it provides an adequate basis for an iasb exposure draft. B7 and a deloitte interpretation of ias 34 without b7. The iasb instructed the staff to bring a paper to a future meeting that. The iasb s research project on financial instruments with characteristics of equity fice is a new round of a long debate on how to distinguish liabilities from equity instruments. The preliminary discussion paper dealt with a number of key issues listed below.
Comments on the discussion paper of preliminary views on. Ifrs news emerging issues and practical guidance issue84may2010 the iasbs work programme and its. Our detailed comments on the paper and on the specific consultation questions are set out in the appendix to this letter. The story of the latest work by the international accounting standards board iasb on pensions disclosures starts last july when the board agreed on two specific disclosure amendments that it wanted to make to international accounting standard 19 ias 19, employee benefits. Sep 26, 2008 on september 26, 2008, the jicpa submitted comments on the discussion paper of preliminary views on amendments to ias 19 employee benefits. Iasb discussion paper dp20181 financial instruments with. Following the iasbs agenda consultation in 2011, the conceptual framework project was added to the iasbs work plan in september 2012. The iasb also continued its work on the projects dynamic risk management and rateregulated activities. Discussion paper dp20171 disclosure initiative principles.
The iasbs conceptual framework for financial reporting i am from england, and here in the uk, unlike most countries, our system of government has no comprehensive written constitution. The iasb is publishing the discussion paper for comment to stimulate debate on measurement objectives and to obtain feedback that will assist it in developing its views on the issues. After the significant discussion iasb board members voted in favour of a building block approach for measuring the net combination of rights and obligations of. Home letter to efrag on iasb discussion paper on fice. Iasb is here to assist boards of education with training, policy, resources, and programing all supporting quality public education. This discussion paper reducing complexity in reporting financial instruments is published by the international accounting standards board iasb for comment only. The following is an illustrative example in agenda paper 2d applying ifrs 17.
The iasb asked the staff to consider whether the distinction. Ed to amend ias 37, provisions, contingent liabilities and contingent assets and ias 19, employee benefits. Exposure draft ed20202 covid19related rent concessions proposed amendment to ifrs 16 30 april 2020. Progress report on iasbfasb convergence work 21 april 2011. International accounting standard 19 employee benefits ias 19 is set out in paragraphs 1173 and the appendix. The iasb began its reworking of ias 19 a few years ago and it presented a preliminary discussion paper in march 2008, with a more comprehensive overhaul planned for the longterm. The second webcast in a series of web presentations on the discussion paper financial instruments with characteristics of equity is now available in this webcast, international accounting standards board board technical director kumar dasgupta explains the boards preferred approach to classification, presentation and disclosure of financial instruments issued by companies. Discussion paper measurement bases for financial accounting. Since then, the iasb has issued a discussion paper in july 20 and an exposure draft in june 2015. The iasb met on 16 december to continue its discussion on topics to be included in the principles of disclosure discussion paper as part of its disclosure initiative.
The international accounting standards board iasb has published a document responding to questions regarding the application of ifrs 16 leases during the period of enhanced economic uncertainty arising from the covid 19 pandemic. Methods for recognition of actuarial gains and losses. In november 2006, the committee referred the issue to the iasb to be included in the iasb s project on postemployment benefits. March 2008 the board published a discussion paper preliminary views on amendments to ias 19 employee benefits that included the boards preliminary views on the following areas of ias 19.
Iasb staff paper page 2 of 20 c discussion paper preliminary views on amendments to ias 19 employee benefits, march 2008. Disclosure initiative insurance contracts annual improvements to ifrss 20122014 cycle agenda paper 12a. The american academy of actuaries1 committee on pension accounting thanks the iasb for this. The discussion paper focuses on improvements to ias 19. The board initially included this issue in its project on postemployment benefits.
Welcome to the iasb update the iasb met in public on 16 december 2014 at the iasb offices in london, uk. The iasb published the extractive activities discussion paper last month. Cover printed on 100 per cent recycled paper text printed on 50 per cent recycled paper 100% 50%. Employee benefits project added to the agenda july 2006 discussion paper published may 2008 exposure draft published.
Iasb amicus program supports school district in illinois supreme court decision. The iasb and fasb published a joint discussion paper in december 2008 that proposed a single revenue recognition model that was built on the principle that an entity should recognise revenue when it satisfies its performance obligations in a contract by transferring control of goods or services to a customer. Welcome to the april iasb update contact us international. Ias 19 should be read in the context of its objective and the basis for.
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