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IASB meeting update – 22-24 April 2009

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The most recent meeting of the IASB was held in London on 22-24 April 2009.  
 
In addition to the decisions on issues surrounding the global economic crisis (fair value, impairment and financial instruments) discussed in item 6 ANT17/2009, the meeting also discussed and made tentative decisions on various aspects of the following projects:

  • Discontinued operations
  • First-time adoption of IFRSs
  • Insurance contracts
  • Liabilities (amendments to IAS 37)
  • Post employment benefits
  • Rate regulated activities
  • Share based payments and the draft standard dealing with Group Cash-Settled Share-Based Payment Transactions.
More details of the particular issues discussed and the IASB’s intentions are contained in the IASB April Update (PDF). 
 
In addition, the IASB advised the following decisions:
  • IFRS for small and medium-sized entities 
     
    The name of the standard will be International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs), as proposed in the ED. 
     
  • Management commentary 
     
    The IASB plans to release an ED on management commentary in June 2009, with comments due by February 2010. The proposals in the ED will not result in an IFRS, but are intended to provide a non-binding framework for preparing and presenting management commentary as well as some guidance on how to apply that framework. 
     
  • Post-employment benefits 
     
    The Board has completed its re-deliberations on recognition and presentation of the net defined benefit asset or liability. It will discuss disclosure and transition requirements at a future meeting, with a view to publishing an exposure draft in the third quarter of 2009. 
     
  • Technical plan 
     
    The Board has also completed the quarterly review of its technical plan and the revised document will be available on its website soon. 
     
  • Extra meeting 
     
    The Board has also decided to hold an extra one-day meeting on May 5 to progress its financial instruments work.