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IASB meeting — 21-24 May 2012, Norwalk, CT, USA

Start date:

End date:

Location: London

About meeting notes

Agenda for the meeting

Monday, 21 May 2012

IASB-FASB joint meeting (09:00-16:30)

  • Financial instruments — Limited reconsideration of IFRS 9 — Classification and measurement
  • Financial instruments — Impairment
  • Investment entities

Tuesday, 22 May 2012

IASB-FASB joint meeting (7:30-11:30)

  • Insurance contracts
  • Revenue recognition

IASB meeting (12:30-15:45)

  • Financial instruments — Impairment
  • Insurance contracts

Wednesday, 23 May 2012

IASB meeting (08:00-15:45)

  • IFRS 10 transition guidance
  • Effective dates
  • IAS 27/IAS 28 — Definition of the term 'non-monetary asset' in SIC-13 and IAS 28 (2011)
  • Post-implementation review — IFRS 8 Operating Segments
  • Agenda consultation 2011
  • Insurance contracts — Education session

Thursday, 24 May 2012

IASB-FASB joint meeting (08:00-16:00)

  • Leases
  • Insurance contracts

Agenda papers for this meeting are available on the IASB's website.


Related Discussions

  • Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement)

    May 21, 2012

    The IASB discussed whether to introduce fair value through other comprehensive income (FV-OCI) as a measurement category for eligible debt financial instruments. The IASB and FASB subsequently jointly discussed when eligible debt instruments should be measured at FV-OCI on the basis of the business model within which they are held. The boards also discussed whether to require reclassifications of financial assets when the business model changes.

  • Financial instruments – Impairment

    May 21, 2012

    The IASB and FASB discussed whether an entity should apply the proposed “three-bucket” expected-loss impairment approach to lease receivables, including those recognised under (1) the proposed receivable and residual leases model and (2) existing lease standards

  • Investment entities

    May 21, 2012

    The IASB and the FASB discussed the asset-based versus entity-based guidance (IASB only consideration), the approach to entity-based investment entity guidance, the definition of an investment entity and factors to consider and application guidance.

  • Insurance contracts

    May 22, 2012

    The morning session was dedicated to unbundling. Both the IASB and FASB felt they wanted to bring back for consideration the issue as to whether unbundling was still appropriate in some situations where the elements are distinct and not interrelated.

  • Revenue recognition

    May 22, 2012

    The staff presented the IASB and FASB with a summary of the feedback received on the revenue project’s revised exposure draft (issued in November 2011) and an outline of the proposed plan to finalise the revenue standard.

  • IFRS 10 transition guidance

    May 23, 2012

    The Board reviewed comment letters received for exposure draft Transition Guidance (Proposed Amendments to IFRS 10) and made recommendations to a) proceed with the amendments to the transition guidance of IFRS 10 proposed in the exposure draft; (b) consider additional amendments to further clarify the transition guidance of IFRS 10; (c) consider additional amendments to provide further transition relief in IFRS 10 and the related standards; and (d) consider providing similar transition relief to first time adopters of IFRSs in IFRS 1 First-time Adoption of International Financial Reporting Standards.

  • Effective date and transition method disclosure considerations

    May 23, 2012

    The Board addressed a number of different topics related to disclosure considerations when discussing effective dates and transition guidance for adoption of new or amended IFRSs. The topics that were discussed are the direct result of questions received by IASB staff in connection with IAS 8, 'Accounting Policies, Changes in Accounting Estimates, and Errors'.

  • Post-implementation review — IFRS 8 Operating Segments

    May 23, 2012

    The Board discussed the post-implementation review (PIR) of IFRS 8, specifically asking: (1) whether the Board agrees with the proposed structure for conducting the investigation and reporting phases of the PIR of IFRS 8; (2) whether the Board agrees with the proposed structure of the Request for Information (RFI); and (3) whether the preliminary issues identified and to be included in the RFI are complete or require amending.

  • Agenda consultation

    May 23, 2012

    The IASB staff presented a summary of the feedback received in response to the IASB’s request for views Agenda Consultation 2011, including a summary of the IASB’s responses to the feedback.

  • Leases

    May 24, 2012

    The IASB and the FASB discussed the feedback received from the outreach on the subsequent measurement of right-of-use (ROU) assets and the next steps.

  • Insurance contracts

    May 24, 2012

    The IASB and FASB discussed use of other comprehensive income (OCI) and acquisition costs (ACs) and agenda papers scheduled to be discussed for the meeting.