Iasb Deliberations

IASB Deliberations

Jennifer Schermerhorn

John Johnston

UOP ACC / 440

June 2010

The IASB website is currently working on three projects. Each project is updated on this website (www.iasb.org). Currently the three projects being addressed are: Accounting for production stripping costs, vesting and non vesting conditions, and put options written over non controlling interests. In addition one can find information regarding The Conceptual Framework Project at this website. A summary of findings is represented in the following paper.

Current Projects and Timelines

The first current project is the Accounting for production stripping costs. In this project the committee discussed how the instruction should read regarding incurred assets due to a stripping campaign, whether or not that asset meets the requirements for a tangible or intangible asset and basis for subsequent amortization or depreciation. The committee ruled that the report was incomplete and asked that additional information be reported and the instruction rewritten to include an explanatory diagram, an explanation of the difference between “suspension” and “termination” of a stripping campaign, a clarification of the transition guidance and disclosure agreements. This new instruction is to be completed by the next meeting time though a date was not specified.

The second current project being considered is the vesting and non vesting conditions. In this report the committee began discussion the project in January of 2010 at that time the committee decided to put it on the March 2010 agenda and discuss whether it would be beneficial to have a convergence of GAAP on this matter. In May of 2010 the committee discussed six different points that needed to be addressed, According to IASB (2010), ”clarifying the definition of vesting and vesting periods, incorporating into IFRSs definitions of non-vesting, service, performance and other vesting conditions, and definitions of attribution...