IASB Summarizes Trustees’ Meeting Held in the Month of July
Following IFRS Foundation Trustees’ meeting held on 12th July in Washington, during which they discussed several accounting related issues, International Accounting Standards Board has summarized the meeting report and posted them same on its site.
During the meeting, the trustees discussed several matters such as, the IASB Chairman’s report that mainly focused on the Memorandum of Understanding, projects related to convergence and the progress made by IASB in assessing its agenda for future. IASB’s Chairman, Hans Hoogervorst updated the trustees regarding the activities of IASB. As far as discussions regarding MoU were concerned, the Chairman was positive about the outcome of the project. Even though work associated with these projects would be carried out till the mid of 2013, FASB and IASB have already taken the important decisions related to the project.
The trustees also held discussions on matters such as draft Due Process Handbook and IFRS Advisory Council’ Chairman report on issues that were discussed during the Council’s meeting in the month of June.
In addition to this, they also discussed the Due Process Oversight Committee Chairman’s report on the feedback that they got with regard to draft Due Process Handbook, which has been exposed for comment from the public and small-medium enterprises IFRS review. The trustees discussed the manner in which IFRSs could be incorporated into the financial accounting and reporting system of United States.
As far as Financial Instruments are concerned, IASB has decided to modify IFRS9 on classification and measurement to a little extent. The classification design in IFRS 9 has been further aligned by the decision made by the IASB. The board was also successful in addressing some of the issues that had been put forth by its insurance community. The board is likely to issue an exposure draft by 2012 end. On the other hand, discussions related to impairment were also finalized and an exposure draft on the same will be issued by 2012 end. Discussions regarding leases were also held and Hoogervrost reminded the IFRS trustees about the concerns he had with regard to the project during their meeting in the month of April. However, after their meeting, FASB and IASB held discussions regarding the feedback they got during the meeting.