IASB Releases Agenda for 16-20th July Board Meeting in London
The agenda for IASB (International Accounting Standards Board) meeting, scheduled to be held in London from 16th to 20th July 2012, has been publicly released. During the meeting IASB will be holding IASB only as well as educational sessions apart from joint meetings with the FASB. IASB will also conduct numerous discussions on some of the important projects including revenue recognition, leases, financial instruments and insurance contracts.
IASB board members will be provided with an update on the Insurance Working Group meeting that was held on 25th and 26th of June 2012. During the meeting, the board will discuss everything related to insurance contracts. As far as discussions regarding lease is concerned both FASB and IASB will discuss Lessee accounting and transition in length. They will also discuss other matters pertaining to Lessee such as statement of financial position, statement of cash flows, Lessee disclosures, Leases- interim disclosures, Leases-due process etc.
IASB members will also hold discussion with regard to projects including accounting for other net asset changes of an associate and the proposed exemption from consolidation for investment entities. In addition to this, the board will also carry out discussions on numerous reports on the activities listed in the Due Process Handbook.
The discussion meeting will also cover topics such as accounting for Macro Hedging. Members will hold discussions with regard to multi-dimensional risk management objectives using the ‘equity model book’. This discussion will focus on the eleven steps that the Board had initiated during its November 2011 meeting.
Impairment will be a major discussion topic for the board during the meeting. They will discuss matters such as presentation and disclosure of interest revenue, interest revenue on financial assets which are credit impaired, transition, reclassifications and loan commitments.
It must be noted that in the month of May 2012, the boards held discussions regarding reclassification of financial assets. During the July 16-20 meeting, IASB will hold discussions on the same topic and determine the accounting mechanics for reclassifications of eligible debt instruments in to as well as out of the FVOCI measurement category.
In addition to this, the board members will also be discussing other transition issues such as Investment Entities Extension to exception to consolidation and Investment Entities sweep issues.