The following topics are on the agenda:

Post-implementation review (PIR) of IFRS 9—Impairment: The IASB will deliberate on the feedback received in response to its Request for Information Post-implementation Review—IFRS 9 Financial Instruments—Impairment with regard to credit risk disclosures and other matters. The staff recommends that the IASB classify as medium priority the matters raised by stakeholders about credit risk disclosures and add a project to its research pipeline to make targeted improvements to the disclosure requirements in IFRS 7 about credit risk. The staff also recommends that the IASB classify as medium priority and add to its research pipeline the matter relating to additional illustrative examples for financial instruments with particular features (such as between related parties). Finally, the staff recommends that the IASB concludes the PIR.

Financial instruments with characteristics of equity: The staff will provide a high-level summary of the feedback and key themes emerging from comment letters that have been received in response to the Exposure Draft (ED) Financial Instruments with Characteristics of Equity and from investor outreach activities. No decisions will be requested from the IASB in this meeting.

Second comprehensive review of the IFRS for SMEs Accounting Standard: The IASB will continue the redeliberations of its proposals in the ED Third edition of the IFRS for SMEs Accounting Standard. The IASB will make decisions with regard to Section 9 Consolidated and Separate Financial Statements, Section 23 Revenue from Contracts with Customers, differences between the ED and IFRS 19, and transition requirements.

Proposed IFRS Taxonomy Update—Contracts for Renewable Electricity: The IASB will receive an oral update about how the recent ED Contracts for Renewable Electricity affects the IFRS Accounting Taxonomy.

Rate-regulated activities: The IASB will continue the redeliberations of its proposals in the ED Regulatory Assets and Regulatory Liabilities. In particular, the staff recommends that the final standard should clarify that the income tax consequences of a regulatory asset or regulatory liability may give rise to a separate regulatory asset or regulatory liability. The staff also recommends that the final standard retain the proposal to delete the temporary exception in IAS 8:54G.

PIR of IFRS 15 Revenue from Contracts with Customers: The IASB will analyse the feedback related to matters not discussed in previous meetings. The staff recommends that the IASB take no further action on application matters related to allocating the transaction price to performance obligations and other aspects of applying IFRS 15 raised by respondents.

Our pre-meeting summaries are available on our May meeting notes page and will be supplemented with our popular meeting notes after the meeting.

The updated guide provides a phased approach for implementing the Integrated Reporting (IR) Framework and is intended to help preparers to understand how the ISSB standards can be taken into account for their reporting.

The guide suggests that those preparers who are new to integrated reporting could begin by adopting the principles and concepts specified in the IR Framework over one, two or three reporting cycles. For experienced integrated reporters, the guide can help to embed IFRS S1 and IFRS S2 disclosures in their reports and hence, improve comparability of those reports.

Please click to access the updated guide via the press release on the IFRS Foundation website.

The amendments add disclosure requirements, and ‘signposts’ within existing disclosure requirements, that ask entities to provide qualitative and quantitative information about supplier finance arrangements.

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 16 May 2024.

CSRD Essentials simplifies key aspects of the CSRD and is addressed to policymakers and sustainability reporters. There will be eleven editions of the publication series that explain the CSRD in accessible language.

The CSRD Essentials series focuses on:

• Scope, timing and interactions with existing standards
• Reporting format
• Legal interconnections, auditing rules and internal supervision
• Small and Medium Enterprises (SMEs), implementation procedures and penalties

Please click here for more information, including access to the first edition of CSRD Essentials, on the GRI website.

The ICAS report is titled Materiality assessments in corporate sustainability and financial reporting: Connectivity, practices, processes, and challenges and:

• explores to what extent and how sustainability and financial reporting are becoming connected and overlapping;
• examines the processes followed and challenges faced by preparers when adopting the different concepts of materiality;
• addresses how entities can best identify the relevant material information to be included within both financial and sustainability reporting; and
• questions whether there is one singular conceptualisation of materiality or multiple interpretations that should be applied across different types of information.

The IRC document is titled FAQ — Explaining Materiality in Corporate Reporting. It includes a high-level explanation of the materiality definitions and terms used in some of the standards and frameworks commonly applied in corporate reporting.

Please click to access the following:

• Materiality assessments in corporate sustainability and financial reporting: Connectivity, practices, processes, and challenges and key findings from the report on the ICAS website.
• FAQ — Explaining Materiality in Corporate Reporting on the IRC website.

The agenda for the meeting is sum­marised below:

Agenda papers for this meeting are available on the IFRS Foundation website.

The following topics are on the agenda:

SASB standards maintenance: The ISSB will discuss its approach to industry groupings in its industry-based materials, including the SASB standards. The staff recommends that the ISSB’s industry-based materials, including the SASB standards, continue to be based on industry groupings of entities with similar impacts and dependencies on the non-financial capitals that serve as sources of value, as represented by the Sustainability Industry Classification System (SICS), for its next two-year work plan; and that the ISSB considers enhancements to the industry groupings as developed in SICS during the ISSB’s enhancements to the SASB standards as part of its next two-year work plan.

ISSB consultation on agenda priorities: ISSB members will review a summary of all decisions made during the agenda consultation and the resulting two-year work plan commencing June 2024. 

Supporting the implementation of IFRS S1 and IFRS S2: The ISSB will be given the opportunity to make comments or ask questions on the summary of the March 2024 TIG meeting.

Our pre-meeting summaries are available on our May meeting notes page and will be supplemented with our popular meeting notes after the meeting.

In the first webcast of the series released on 8 May, IASB Members Nick Anderson and Bertrand Perrin, alongside IASB Technical Staff Dehao Fang, engaged in a detailed discussion regarding how these proposals could strike a balance between providing valuable information to stakeholders and managing the associated costs.

The second webcast, led by IASB Member Rika Suzuki and IASB Technical Staff Vikash Kalidas, focuses on proposed improvements to the impairment test for goodwill. 

For more information and access to the two webcasts released so far, see the press release on the IFRS Foundation’s website.

IFRS S1 sets out overall requirements with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to the primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Please click to access the translations on the IFRS Foundation website using the links below:

• IFRS S1
• IFRS S2

The Board will discuss the following:

• Post-implementation review of IFRS 9: Impairments
• Financial instruments with characteristics of equity
• Second comprehensive review of the IFRS for SMEs Standard
• Rate-regulated activities
• Post-implementation review of IFRS 15: Revenue from contracts with customers

The full agenda for the meeting can be found here. We will post any updates to the agenda, our com­pre­hen­sive pre-meet­ing summaries, as well as observer notes from the meeting on this page as they become available.