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Updating a Reference to the Conceptual Framework – International Accounting Standards Board

Date recorded:

At its meeting on December 11-12, 2019, the IASB met to discuss feedback on the Exposure Draft. The Board tentatively decided to confirm the proposals set out in the Exposure Draft to:

  1. add to IFRS 3 an exception to its recognition principle, but only for liabilities and contingent liabilities within the scope of IAS 37 or IFRIC 21. The Board tentatively decided not to add an exception for current tax assets and liabilities within the scope of IFRIC 23; and
  2. locate all the recognition requirements for provisions, contingent liabilities and contingent assets within the section headed ‘Exception to the recognition principle’.

The Board also tentatively decided to delete paragraph BC125 from the Basis for Conclusions accompanying IFRS 3. At a future meeting, the Board will discuss the transition requirements and effective date for the amendments, and consider whether it has complied with its due process requirements for this project.

Review the IASB Update and podcast on the Board's Web site.

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