A discussion paper preliminary views on amendments to ias 19 was published for public comment in 2008. 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. As such ias 17 prescribes that the lessee charges the rentals payable to the income statement. The discussion paper is open for comment until 7 january 2019. The iasb discussed a revised working draft of the description and discussion of measurement bases for the exposure draft. This iasb update highlights preliminary decisions of the international accounting standards board board. Comments on the discussion paper of preliminary views on amendments to ias 19 employee benefits september 30, 2008. 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. Although the iasb has not yet deliberated the issues in the discussion paper, it has made tentative. The iasb also continued its work on the projects dynamic risk management and rateregulated activities. Our detailed comments on the paper and on the specific consultation questions are set out in the appendix to this letter. International accounting standard 19 employee benefits ias 19 is set out in paragraphs 1173 and the appendix. Methods for recognition of actuarial gains and losses. Preliminary views on amendments to ias 19 employee benefits.
An ed regarding changes in accounting policies and estimates is expected after 6 months. 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. In november 2011 the iasb agreed to consider modifying ifrs 9, particularly in view of convergence and the insurance contracts project. The iasb tentatively decided to amend the discussion of initial measurement that was included in the discussion paper by. Technical summary this extract has been prepared by iasc foundation staff and has not been approved by the iasb. Whether or not the iasb will add a comprehensive project on employment benefits will depend on the outcome of this public consultation process. Ifrs 3 business combinations agenda papers 12a 12b. Iasb issues conceptual framework for financial reporting.
The board plans to issue ifrs 17 in the second half of may 2017. Home letter to efrag on iasb discussion paper on fice. 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 covid 19 guidance on ifrs 16, will discuss covid 19 implications in supplementary meeting.
Hence, the boards are seeking to clarify this concept. More than 99 percent of public school boards in illinois hold active membership. The board is also seeking feedback on how companies should account for goodwill arising from such transactions. Iasb objective is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and. The american academy of actuaries1 committee on pension accounting thanks the iasb for this opportunity to comment on its discussion paper. 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. Insurance contracts agenda paper 2 the board received an update on the strategy for supporting implementation of ifrs 17 insurance contracts. Financial instruments with characteristics of equity fice. Iasb amicus program supports school district in illinois supreme court decision. 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.
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. The discussion paper focuses on improvements to ias 19. Amendment to ias 39 on the fair value option 8 25 june 05 iasb. In the first quarter the iasb issued a narrow scope amendment to. The iasbs discussion paper on accounting for dynamic risk. Joint update note from the iasb and fasb on accounting. The discussion paper feedback is expected in q1 2018. 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. Iasb staff paper page 2 of 20 c discussion paper preliminary views on amendments to ias 19 employee benefits, march 2008. 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. In november 2006, the committee referred the issue to the iasb to be included in the iasb s project on postemployment benefits. The board initially included this issue in its project on postemployment benefits.
Amendments to ias 19 employee benefits to be issued in may 2011. Ias 19 employee benefits employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees. 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. The iasbs conceptual framework for financial reporting i am from england, and here in the uk, unlike most countries, our system of. The preliminary discussion paper dealt with a number of key issues listed below. Implementing the 2011 revisions to employee benefits. B7 and a deloitte interpretation of ias 34 without b7.
The iasb dp is likely to result either in amendments to parts of ias 1. Ifrs news emerging issues and practical guidance issue84may2010 the iasbs work programme and its. September 26, 2008 international accounting standards. Disclosure initiative insurance contracts annual improvements to ifrss 20122014 cycle agenda paper 12a. Efrag covering all iasb major exposure drafts open for comments and conveying the views of european. 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. Comments on the discussion paper are requested by 7 january 2019. 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. Iasb discussion paper dp20181 financial instruments. 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. Iasb organisation and structure projects with relevance to the supervision of the financial sector. Preliminary views on amendments to ias 19 employee benefits dear sir or madam.
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. Ed to amend ias 37, provisions, contingent liabilities and contingent assets and ias 19, employee benefits. In the second quarter the iasb published a discussion paper for the project financial instruments with characteristics of equity. Ias 19 should be read in the context of its objective and the basis for. Discussion paper dp20171 disclosure initiative principles. 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. Exposure draft ed20201 interest rate benchmark reform phase 2 proposed amendments to ifrs 9, ias 39, ifrs 7, ifrs 4 and ifrs 16. Iasb is here to assist boards of education with training, policy, resources, and programing all supporting quality public education. 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. For the requirements reference must be made to international financial reporting standards.
A dp was issued in march 2017 with a consultation period to 2 october 2017. The iasb published the extractive activities discussion paper last month. Progress report on iasbfasb convergence work 21 april 2011. However, we are very disappointed in the discussion paper, and do not consider that it provides an adequate basis for an iasb exposure draft.
Iasb publishes a discussion paper on principles of disclosures. 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. The iasb has finalised its discussions on this project and issued a discussion paper on 28 june 2018. Iasb issues conceptual framework for financial reporting ey. 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. Ias 39 overhaul ifrs 9 two bucket approach business model. In november 2006, the committee referred the issue to the iasb to be included in the iasbs project on postemployment benefits. 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. Following the iasbs agenda consultation in 2011, the conceptual framework project was added to the iasbs work plan in september 2012. The board is also seeking feedback on how companies should account for goodwill arising from.
Comments on the contents of the discussion paper should be submitted in writing so as to be received by 19 september 2008. 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. Discussion paper reducing complexity in reporting financial. Withdrawal of ifric 3, emission rights for reasons of withdrawal, please refer to appendix 2 ifric update 9 30 june 05 iasb. Since then, the iasb has issued a discussion paper in july 20 and an exposure draft in june 2015. Exposure draft ed20202 covid19related rent concessions proposed amendment to ifrs 16 30 april 2020. Iasb update from the international accounting standards board july 2014 welcome to the iasb update the iasb met in public from 2224 july 2014 at the iasb offices in london, uk.
Jicpas comment letter to the iasb can be obtained at. Ias 19 employee benefits international actuarial association. Amendments to ias 1 was issued on 25 march 2014 with a consultation period to 23 july 2014. 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. 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. The iasbs conceptual framework for financial reporting. Welcome to the iasb update the iasb met in public on 16 december 2014 at the iasb offices in london, uk. 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. September 26, 2008 international accounting standards board. The iasb asked the staff to consider whether the distinction. Cover printed on 100 per cent recycled paper text printed on 50 per cent recycled paper 100% 50%.
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. Iasb members indicated their support for the direction of both projects. Employee benefits project added to the agenda july 2006 discussion paper published may 2008 exposure draft published. Iasb discussion paper dp20181 financial instruments with. The american academy of actuaries1 committee on pension accounting thanks the iasb for this. On september 26, 2008, the jicpa submitted comments on the discussion paper of preliminary views on amendments to ias 19 employee benefits. 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.
School board members volunteer their time to ensure growth and progress not only for students. This discussion paper reducing complexity in reporting financial instruments is published by the international accounting standards board iasb for comment only. All the paragraphs have equal authority but retain the iasc format of the standard when it was adopted by the iasb. Disclosure initiative insurance contracts annual improvements to. Welcome to the april iasb update contact us international.
The iasb announced that their discussion and vote on the ifrs 17 effective date will be at their meeting during the. Title comment due by iscas comment letters to iasb. 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 following is an illustrative example in agenda paper 2d applying ifrs 17. 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. Ias 34 requires that the frequency of an entitys reporting should not affect the measurement of its annual results. An exposure draft of amendments to ias 19 will then be developed. 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. 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.
International accounting standards board 30 cannon street london, ec4m 6xh united kingdom re. Discussion paper measurement bases for financial accounting. The iasb instructed the staff to bring a paper to a future meeting that. Comments on the discussion paper of preliminary views on. In the longer term, the iasb intends to work with the us fasb towards a common standard on postemployment benefit promises. 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 iasb then met on occasions to consider the responses and further re. The board met on monday 17 june until wednesday 19 june 2019 at the ifrs.
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