At its meeting on March 12-14, 2019, the Board met to discuss: (i) whether an entity should have a choice to apply the relief set out during the February 2019 Board meeting and when an entity should cease to apply the relief; and (ii) due process steps.

With respect to (i), the Board tentatively decided that:

1. the application of the relief, where applicable, should be mandatory;
2. entities should cease to apply the relief when the earlier of the following occurs: i. uncertainty regarding timing and amount of the resulting cash flows is no longer present; and ii. the hedging relationship terminates; and
3. end of relief, before the termination of the hedge relationship, is not applicable for separately identifiable risk components.

With respect to (ii), the Board tentatively decided that the comment period for the proposed amendments to IFRS 9 and IAS 39 should be 45 days. All Board members confirmed they were satisfied that the Board has complied with the applicable due process requirements and that it has undertaken sufficient consultation and analysis to begin the process for balloting the Exposure Draft. No Board members indicated they intend to dissent from the proposed amendments to IFRS 9 and IAS 39. The Board plans to issue an Exposure Draft in the second quarter of 2019.

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