Page 42 - ICAP Newsletter December 2018 Final

Newsletter The Institute of Chartered Accountants of Pakistan benefits to investors and others. The amendments arose from a post-implementation review of IFRS 3. The amended definition is required to be applied to acquisitions that occur on or after January 1, 2020 with earlier application permitted. The updated definition and other details can be found on the link below: https://www.ifrs.org/news-and-events/2018/10/iasb- amends-definition-of-business-in-ifrs-standard-on- business-combinations/ IASB amends the definition of ‘Material’: The IASB amended the definition of ‘Material’ on October 31, 2018 to make it easier for companies to make materiality judgements. The updated definition amends IAS 1 ‘Presentation of Financial Statements’ and IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors.’ The amendments are a response to findings that some companies experienced difficulties using the old definition when judging whether information was material for inclusion in the financial statements. The changes are effective from January 1, 2020 with earlier application permitted. The updated definition and other details can be found on the link below: https://www.ifrs.org/news-and-events/2018/10/iasb- clarifies-its-definition-of-material/ IFRS Foundation publishes agenda and related papers for upcoming IASB meeting: The International Financial Reporting Standards (IFRS) Foundation has published the agenda and related papers for the International Accounting Standards Board (IASB) meeting scheduled on November 14-15, 2018. The topics for discussion are: ■ Classification of Liabilities as Current or Non- current (Amendments to IAS 1) ■ IFRS 17 Insurance Contracts ■ Implementation issues ■ Management Commentary ■ Primary Financial Statements ■ Rate-regulated Activities ■ Updating a reference to the Conceptual Framework (Amendment to IFRS 3) The agenda and the papers can be found on the link below: https://www.ifrs.org/news-and-events/2018/11/ november-iasb-meeting-agenda-papers-now-available/ 42 December 2018