March 15, 2019

IASB published an updated work plan, along with the update of its meeting in March 2019. The update on the IASB meeting highlights preliminary decisions of the Board. Additionally, a summary of the decisions reached by IFRS Interpretations Committee (IFRIC) in its meeting in March 2019 has been published.

The key topics discussed at the IASB meeting on March 12-14 included a comprehensive review of the IFRS for SMEs standard, Financial Instruments with Characteristics of Equity, amendments to IFRS 17 on insurance contracts, the disclosure initiative, and the IBOR reform and its effects on financial reporting.

In addition, the IFRS Interpretations Committee met in London on March 05-06, 2019 and the key topics discussed at its meeting include the following:

  • Holdings of cryptocurrencies
  • Subsurface rights (IFRS 16 on leases)
  • Application of the highly probable requirement when a specific derivative is designated as a hedging instrument (IFRS 9 on financial instruments and IAS 39 on Financial instruments: Recognition and Measurement)
  • Physical settlement of contracts to buy or sell a non-financial item (IFRS 9)
  • Credit enhancement in the measurement of expected credit losses (IFRS 9)
  • Curing of a credit-impaired financial asset (IFRS 9)

Keywords: International, Banking, Insurance, Accounting, IFRS 17, IBOR, Work Plan, IFRS 9, Insurance Contracts, Cryptocurrencies, IFRS 16, Leases, IFRIC, IASB

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