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IASB / FASB Meeting - Norwalk

Meetings calendar

 IASB / FASB Meeting May 2012 Norwalk


The meeting will take place on the  21 to 25 May 2012

Location:  Please note that this meeting will take place at the FASB office, Norwalk USA




To register for this meeting, please send an email to Please state your name, company, and details of which days/sessions you would like to attend

Webcast Registration

You can register for this webcast any time up to the webcast starting. Shortly after the webcast has finished, a recording of this webcast / meeting will be available from the link below for a further 90 days. After 90 days, the recording will be available from the relevant project pages.

Day Time Register Time Register
Monday 21 May 14:00 21:30
(EST 09:00 -16:30)
Tuesday 22 May  12:30 -16:30
(EST 07:30 -11:30)
   17:30 - 20:45
(EST 12:30 - 15:45)
Wednesday 23 May 13:00 - 17:45
(EST 08:00 - 12:45)
   18:45 - 20:45
(EST13:45 - 15:45)
Thursday 24 May 13:00 - 21:00
(EST 08:00 - 16:00)

Agenda papers to be discussed

The following agenda papers will be discussed at this week's meeting, to access, click on the titles below. Any changes to dates will be posted in red.

Agenda paper Title     Date to be discussed
1 Agenda paper 1: Admin: IASB Update [PDF]
2 Cover Sheet: Insurance Contracts
The IASB and FASB will continue their discussions on insurance contracts. They will have decision-making sessions on the use of other comprehensive income to present some changes in the insurance contract liability, acquisition costs, disaggregation and unbundling. The IASB will have a decision making session on whether the IASB should change its tentative decisions on the risk adjustment and residual margin and an education session on the use of other comprehensive income to present some changes in the insurance contract liability.
Agenda paper 2 : Insurance Contracts: Cover note: Background information and progress report
Agenda paper 2B: Insurance Contracts: Acquisition costs � background
Agenda paper 2C: Insurance Contracts: Acquisition costs in the building block approach
Agenda paper 2D: Insurance Contracts: Acquisition costs � follow up
Agenda paper 2E: Insurance Contracts: Unbundling distinct investment components
Agenda paper 2F: Insurance Contracts: Separation of Components from an Insurance Contract � Summary of Tentative Decisions
Agenda paper 2G: Insurance Contracts: Summary of Questions and Staff Recommendations for using OCI for insurance contracts
Agenda paper 2H: Insurance Contracts: Background on the Use of Other Comprehensive Income
Agenda paper 2I: Insurance Contracts: The use of other comprehensive income (OCI) for presenting the effect on the insurance contract liability arising from changes in specified assumptions
Agenda paper 2J: Insurance Contracts: The mechanics of using OCI to present specified changes in the insurance contract liability
Agenda paper 2K: Insurance Contracts: Loss recognition test
Agenda paper 2L: Insurance Contracts: Examples to illustrate the use of other comprehensive income (OCI) for presenting specified changes in the insurance liability
Agenda paper 2M: Insurance Contracts: Additional background on the use of OCI 
[Zip file]
Tuesday 22 and Thursday 24 May
3 Cover Sheet: Leases
The Boards will discuss the feedback that they received during leases outreach meetings held in April and May 2012. The feedback received mainly relates to lessee accounting, and the alternative approaches to subsequently measuring the ROU asset. The Boards also received some feedback on the lessor accounting proposals.
Agenda paper 3 : Leases: Summary of feedback received during outreach meetings [PDF] Thursday 24 May
4 Cover Sheet: Macro Hedge Accounting
The Board will discuss a procedural aspect of the macro hedge accounting project: whether the next due process step should be a Discussion Paper (DP) or an Exposure Draft (ED).
Agenda paper 4: Macro Hedge Accounting: Next due process step: Discussion paper versus exposure draft [PDF]
5 Cover Sheet: Impairment
At this meeting the IASB will discuss the appropriate discount rate for the model and the application of the impairment model to loan modifications and the boards will discuss the application of the impairment model to lease receivables.
Agenda paper 5: FI: Impairment: Cover memo
Agenda paper 5A: Impairment - Discount rate
Agenda paper 5B: FI: Impairment: Modified Financial Assets
Agenda paper 5C: FI: Impairment: Impairment of lease receivables
[Zip file]
Monday 21 and Tuesday 22 May
6 Cover Sheet: Classification and Measurement
This session will discuss whether a fair value through other comprehensive income measurement category should be included in IFRS 9 Financial Instruments and the mechanics of this category (including interest income recognition, impairment and recycling). This is an IASB-only discussion. This session will then jointly discuss the business model assessment for the classification of eligible financial assets at fair value through other comprehensive income and at fair value through profit or loss, including which category should be a residual. The objective of this session is to more closely align the business model assessment in IFRS 9 and the FASB�s tentative model.
Finally, the session will discuss reclassifications of financial assets between measurement categories.
Agenda paper 6: FI: Classification and measurement: Cover paper
Agenda paper 6A: FI: Classification and measurement: A FVOCI measurement category for debt investments
Agenda paper 6B: FI: Classification and measurement: FVOCI and FVPL business model assessment for financial assets
Agenda paper 6C: FI: Classification and measurement: Reclassifications of financial assets
[Zip file]
Monday 21 May
7 Agenda paper 7: Revenue Recognition: Cover note
Agenda paper 7A: Revenue recognition: Summary of feedback from comment letters and outreach
Agenda paper 7B: Revenue Recognition: Summary of outreach activities
Agenda paper 7C: Revenue Recognition: Project plan for redeliberations 
[Zip file]
Tuesday 22 May
8 Cover Sheet: Investment Entities
The IASB and the FASB will discuss:
a) the issues that constituents have raised with the investment entity criteria that were proposed in the IASB Exposure Draft Investment Entities and the FASB Proposed Accounting Update Financial Services�Investment Companies: Amendments to the Scope, Measurement and Disclosure Requirements, and
b) the appropriate general approach that the guidance for investment entities should take.
The boards will be asked to decide if they would like to make any amendments to the proposed investment entity criteria or the general approach of the proposed guidance.
Agenda paper 8: Investment Entities: Cover memo
Agenda paper 8A: Investment Entities: Criteria to be an investment entity
Agenda paper 8B: Investment Entities: Approach to assessing the criteria
Agenda paper 8C: Investment Entities: Summary of staff recommendations
[Zip file]
Monday 21 May
9 Cover Sheet: Transition Guidance
At this meeting the Board will discuss whether to proceed with amendments to the transition guidance of IFRS 10 proposed in the exposure draft and whether to grant additional limited relief by limiting the requirement to present adjusted comparative information to the preceding period only. The Board will also consider whether sufficient due process steps have been complied with.
Agenda paper 9: Transition Guidance (Proposed amendments to IFRS 10): Cover memo
Agenda paper 9A: Transition Guidance (Proposed amendments to IFRS 10): Comment letter analysis
Agenda paper 9B: Transition Guidance (Proposed amendments to IFRS 10): Due process considerations
[Zip file]
Wednesday 23 May
10 Cover Sheet: Effective Dates
At this meeting, the Board will discuss issues raised on disclosures relating to when there is a change in an accounting policy. These issues include whether entities are required to adjust comparative information relating to periods earlier than the required preceding period and disclosures on the quantitative effect when there is a change in accounting policy.
The staff will also ask the Board whether to prepare an exposure draft proposing amendments to these issues.
Agenda paper 10: Effective Dates: Cover memo
Agenda paper 10A: Effective Dates: Disclosure about information relating to periods earlier than the required preceding period
Agenda paper 10B: Effective Dates: Disclosures on the quantitative effects of a required change in accounting policy
Agenda paper 10C: Effective Dates: Disclosure on the quantitative effects of a voluntary change in accounting policy
Agenda paper 10D: Effective Dates: Disclosure requirement in advance about forthcoming IFRSs
[Zip file]
Wednesday 23 May
11 Cover Sheet: Definition of the term �non-monetary asset� in SIC-13 and IAS 28 (revised in 2011)
There is currently an inconsistency between the requirements in IAS 27 and those in SIC-13 for transactions in which a parent contributes its interest in a subsidiary to a joint venture in exchange for an interest in that joint venture. SIC-13 restricts gains and losses to the extent of the interest attributable to the other equity holders, whereas IAS 27 requires full profit or loss recognition on the loss of control of the subsidiary. As a result, diversity in practice has emerged. The Committee discussed various alternatives that would address the inconsistency noted. The objective of the paper is to present the alternatives discussed and the Committee�s recommendations on that issue. With regard to a business that is contributed to a joint venture, the Committee expressed support for a full gain recognition on the loss of control of the business (whether the business is housed in a legal entity or not). The Committee decided to ask the Board whether it wants the Committee to consider further how to resolve the inconsistency noted.
Agenda paper 11: IAS 27 Consolidated and Separate Financial Statements, IAS 28 Investments in Associates and Joint Ventures: Definition of the term �non-monetary asset� in SIC-13 and IAS 28 (revised in 2011) [PDF] Wednesday 23 May
12 Cover Sheet: Post-implementation review of IFRS 8
The Board will discuss the planned approach to the investigative phase of the PIR of IFRS 8.
Agenda paper 12: Post-implementation review of IFRS 8: Operating Segments Update and Approach to Investigations [PDF] Wednesday 23 May
13 Cover Sheet: Agenda Consultation 2011
The Board will discuss the proposed responses to the key messages received from its public consultation on its agenda-setting process. The Board will also discuss its strategy towards settings its agenda and developing its work plan
Agenda paper 13: Request for views - Agenda Consultation 2011: Covering memo to the agenda papers
Agenda paper 13A: Request for views - Agenda Consultation 2011: Topics for the feedback statement
Agenda paper 13B: Request for views - Agenda Consultation 2011: Developing the IASB�s Technical Programme
[Zip file]
Wednesday 23 May
14 Agenda paper 14: Insurance Contracts - Cover note for IASB sessions
Agenda paper 14A: Insurance Contracts: OCI
Agenda paper 14B: Insurance Contracts: Use of OCI - Interaction with Financial Instruments Classification and Measurement Project (FI C&M)
Agenda paper 14C: Insurance Contracts: Should the IASB change its tentative decisions on the risk adjustment and residual margin
 [Zip file]
Wednesday 23 May