On 25 June, the IASB a published a discussion paper presenting its current thinking on the Financial Instruments with the Characteristics of Equity project (FICE).
The Transition Resource Group for IFRS 17 met for the second time on 2 May. Readers will recall that the purpose of this group is to seek feedback from its members, all experts in the insurance sector, on questions submitted by various stakeholders. Following these discussions, the IASB and the IFRS IC can decide to amend the standard or to issue an interpretation, respectively.
On 30 April 2018 the Monitoring Board, a body composed of market regulators in jurisdictions requiring or authorising the use of IFRSs and charged with oversight of the IFRS Foundation, published its 2018-2019 work plan.
In November 2017, the IFRS Interpretations Committee (IFRS IC) decided to add a narrow-scope standard-setting project to its agenda, with the objective of clarifying the meaning of the term “unavoidable costs” in the definition of an onerous contract in IAS 37 – Provisions, Contingent Liabilities and Contingent Assets.
In recent months, the IFRS Interpretations Committee has received three referrals on the application of IFRS 15 to specific fact patterns in the real estate development sector.