Key outcomes involved clarifying 'other than accidental offsetting' for hedging, agreeing to develop further variations of the impairment of financial instruments proposals, the FASB and IASB not agreeing on a lessor accounting model and revising the reinsurance recognition criteria.
- IASB tentatively agree to a 90-day comment period for the annual improvements exposure draft
- Requirement to achieve 'other than accidental offsetting' in hedge accounting clarified
- Boards agree to develop a variation of previous proposals for the financial instruments impairment project
- Reinsurance recognition criteria revised
- Boards split on lessor accounting model
- Proposals for revenue disclosures and for assets arising from contract acquisition or fulfilment costs clarified.