IASB published an updated work plan and a summary of its July meeting, which presents preliminary decisions of the Board. Additionally, a summary of the joint meeting held by IASB-FASB on July 23, 2019 has been published. The topics of discussion at the meetings included financial instruments with characteristics of equity, the disclosures initiative, IBOR reform, and the effects on financial reporting, dynamic risk management, and implementation of leases standard (IFRS 16).
IASB discussed the staff analysis of feedback on the exposure draft on interest rate benchmark reform, which proposes amendments to IFRS 9 on financial instruments and IAS 39 on recognition and measurement of financial instruments. At the future Board meetings, IASB will redeliberate some matters raised by respondents on the exposure draft as well as start the deliberations on the next phase of the IBOR reform project. In addition, FASB met with IASB for an educational session on the IASB project on IBOR reform and the FASB project on reference rate reform. The boards of IASB and FASB received an overview of proposals in the IASB exposure draft on interest rate benchmark reform and feedback from stakeholders. The boards received a summary of the recent tentative FASB decisions on the reference rate reform project and heard about the plans of FASB to publish an exposure draft by the end of 2019.
Keywords: International, Accounting, Banking, Work Plan, IBOR, IFRS 16, Leases, IFRS 9, Financial Instruments, Interest Rate Benchmark, FASB, IASB
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