At its meeting on April 9-11, 2019, the Board met to discuss (i) the ideas being explored and whether they could help achieve the project objectives. These ideas include requiring better disclosures for business combinations, reintroducing amortization, providing relief from the mandatory annual impairment test and improving how value in use is calculated; and (ii) discussed potential improvements to the disclosure objectives and disclosure requirements of IFRS 3 including: (a) clarifying the IFRS 3 disclosure objectives and adding a new disclosure objective for entities to provide information on the subsequent performance of the acquired, or combined, business; (b) adding requirements for entities to disclose whether the key objectives of the business combination have been achieved; and (c) making other targeted improvements. The Board will discuss which preliminary views on achieving the project objectives to include in the discussion paper. The Board plans to publish the discussion paper in the second half of 2019.

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At its meeting on April 9-11, 2019, the Board met to consider possible amendments to IFRS 17. The Board addressed the possible amendments in the following order: (a) overview of the amendments to IFRS 17; (b) due process steps, including permission for balloting; (c) sweep issues; and (d) Annual Improvements.

With respect to (a), the Board:

1. considered the proposed amendments to IFRS 17 as a whole;
2. evaluated each of the proposed amendments against the criteria the Board set in October 2018;
3. considered the likely effects of the proposed amendments to IFRS 17;
4. considered the due process steps undertaken by the Board in completing the narrow-scope project on the amendments to IFRS 17 and confirmed that it wishes to publish an exposure draft setting out the proposed amendments to IFRS 17; and
5. confirmed there are no planned dissents at this stage.

The Board also confirmed its tentative decisions from the November 2018 meeting relating to the mandatory effective date of IFRS 17 and the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9. The Board discussed additional stakeholder concerns relating to IFRS 17 (and IFRS 9) which have arisen in relation to the proposed amendments to IFRS 17 and tentatively decided that the effective date of the proposed amendments should be aligned with the effective date of IFRS 17 so that entities would be required to apply IFRS 17, and any proposed amendments, for annual periods beginning on or after January 1, 2022. The Board also tentatively decided that entities would be permitted to apply IFRS 17, together with any proposed amendments, for earlier periods.

With respect to (b), the IASB staff plan to seek permission from the Due Process Oversight Committee for a reduced comment period for the exposure draft of proposed amendments to IFRS 17. The staff also plan to ask the Board to set the comment period at its May 2019 meeting. The Board will also consider any additional sweep issues at that meeting. The staff expect that the exposure draft of proposed amendments to IFRS 17 will be published at the end of June 2019.

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At its meeting on April 9-11, 2019, the Board directed the staff to continue developing measurement approaches for transactions within the scope of the project by considering:

1. whether and how transactions within the scope of the project can be different from business combinations that are not under common control;
2. what information would be useful to various primary users of the receiving entity’s financial statements;
3. whether the benefits of providing particular information would justify the costs of providing that information; and
4. complexity and structuring opportunities that could arise under various approaches. The Board also tentatively decided that it need not pursue a single measurement approach for all transactions within the scope of the project.

Specifically, the Board could pursue:

1. a current value approach for all or some transactions that affect non-controlling shareholders in the receiving entity; and
2. a different approach, such as a form of predecessor approach, for transactions that affect lenders and other creditors in the receiving entity but do not affect non-controlling shareholders. The Board expects to continue its discussions on measurement approaches for transactions within the scope of the project at future meetings.

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At its meeting on April 9-11, 2019, the Board met to discuss whether staff can begin the balloting process for the exposure draft of proposed amendments to IAS 1 and IFRS Practice Statement 2, Making Materiality Judgements. The Board tentatively decided to permit early application of the proposed amendments; and that they should be applied prospectively. The Board is satisfied that it has complied with the applicable due process requirements and that it has undertaken sufficient consultation and analysis to begin the balloting process for the exposure draft. The Board plans to issue an exposure draft of proposed amendments to IAS 1 and IFRS Practice Statement 2 in the second half of 2019.

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At its meeting on April 9-11, 2019, the Board met to discuss: (i) amendments to the Board’s proposals on management performance measures; and (ii) outstanding issues related to the project proposals for financial entities, mostly concerning the classification of income and expenses in the statement(s) of financial performance. The Board made a number of tentative decisions with respect to both categories of discussion items. The Board will discuss at a future meeting which type of consultative document it should publish to seek feedback on the project proposals.

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At its meeting on April 9-11, 2019, the Board continued its discussions of the DRM model, including (i) whether the DRM model should preclude an entity from designating specific types of strategies within the target profile; (ii) how derivatives designated within the DRM model should be presented in financial statements. The Board made a number of tentative decisions with respect to both categories of discussion items.

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