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June 22, 2018

IASB published the updated work plan, along with the updates on its June meeting and on its joint meeting with the FASB, which was held on June 19, 2018.

The updated on the IASB meeting highlights preliminary decisions of the Board. The key topics discussed at the June meeting included disclosure initiative, dynamic risk management, proposal for a research project on interbank offered rate (IBOR) reform and its effects on financial reporting, primary financial statements, possible minor changes to IFRS 17 on insurance contracts, and research project on business combinations under common control. IASB also received an update on the meeting of the Islamic Finance Consultative Group, which was held in March 2018.

Additionally, FASB met with IASB for an educational session. The key topics discussed at the IASB-FASB joint meeting included segment reporting; primary financial statements; how disclosure requirements are developed and drafted; and the use of disclosure objectives, fair value measurement, goodwill and impairment, and respective activities supporting implementation of the new revenue recognition standards and leases standards. IASB's recently issued conceptual framework for financial reporting, along with the FASB conceptual framework project, was also discussed during the joint meeting.

Keywords: International, Accounting, Insurance, Work Plan, IFRS 17, Disclosure Requirements, FASB, IASB

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