At its meeting on May 14-16, 2019, the Board met to conclude its deliberations before issuing the Exposure Draft of proposed amendments to IFRS 17. At this meeting the Board:

1. received an update on the Transition Resource Group for IFRS 17 (TRG) meeting, held on April 4, 2019;
2. discussed certain sweep issues for the Board to consider before finalizing the Exposure Draft; and
3. decided to set a comment period of 90 days for the Exposure Draft, a decision permission for which was given by the Due Process Oversight Committee on April 23, 2019. The staff expects that the Exposure Draft will be published at the end of June 2019. At present, no further TRG meetings are scheduled. A TRG meeting may be scheduled in the future depending on the nature of any new submissions and whether discussion of those submissions would be helpful to stakeholders at that stage of implementing IFRS 17, without disrupting implementation.

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

At its meeting on May 14-16, 2019, the Board met to hear a summary of feedback from stakeholders on disclosures about employee benefits and fair value measurements; and to discuss proposed approaches to developing technical analysis and recommendations in light of that feedback.

The Board tentatively decided to:

1. explore whether disclosure of new or different information about employee benefits would more effectively meet the needs of stakeholders than the existing IAS 19 disclosure requirements; and
2. explore helping preparers to make effective materiality judgements about fair value measurement disclosures. The Board will discuss detailed technical analysis of the disclosure requirements in IAS 19 and IFRS 13 at future meetings.

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

At its meeting on May 14-16, 2019, the Board met to discuss the overview of the staff’s approach to revising IFRS Practice Statement 1. The Board noted that the revision of the Practice Statement is intended to promote preparation of management commentaries that better meet the information needs of the primary users of financial reports.

The revised Practice Statement will provide guidance that:

1. consolidates innovations in narrative reporting;
2. addresses gaps in reporting practice; and
3. remains principles-based but contains sufficient detail to support rigorous application.

At a future meeting, the Board will discuss how the qualitative characteristics of useful financial information should be considered in preparing management commentary.

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

At its meeting on May 14-16, 2019, the Board met et on 16 May 2019 for an educational session on the Rate-regulated Activities project. The session included:

1. a summary of the principles underlying the accounting model (model) being developed for regulatory assets and regulatory liabilities arising when an entity subject to defined rate regulation supplies goods or services; and
2. a discussion of whether the Board’s tentative decisions are consistent with the model’s underlying principles.

The Board will continue its deliberations on the main principles of the model in June 2019.

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

At its meeting on May 14-16, 2019, the Board met to discuss: (i) how to improve disclosure requirements for business combinations; and (ii) whether to provide relief from the mandatory annual quantitative impairment test. The Board was not asked to make any decisions. The Board intends to discuss in its June 2019 Board meeting which preliminary views to include in a Discussion Paper. The Board plans to publish that Discussion Paper in the second half of 2019.

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