At its meeting on September 24, 2019, the IASB discussed feedback on the Exposure Draft and decided to proceed with its project to make a narrow-scope amendment to IAS 37 to clarify which costs an entity includes in determining the ‘cost of fulfilling’ a contract for the purpose of assessing whether that contract is onerous. It also tentatively decided to specify, as proposed in the Exposure Draft, that such costs comprise those that relate directly to the contract. The Board will consider other aspects of the feedback on the Exposure Draft at a future meeting.

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At its meeting on September 24, 2019, the IASB met to finalize the amendments to paragraphs 69–76 of IAS 1, Presentation of Financial Statements. The amended paragraphs relate to the classification of liabilities as current or non-current. The Board decided not to re-expose the amendments. The Board decided that the amendments should apply for annual reporting periods beginning on or after January 1, 2022. No Board member indicated an intention to dissent from issuing the amendments. All of the Board members confirmed they were satisfied that the Board has complied with applicable due process steps and has undertaken sufficient consultation and analysis to begin the balloting process for the amendments.

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At its meeting on September 25, 2019, the IASB met to discuss this research project. The Board tentatively decided that the forthcoming discussion paper on Business Combinations under Common Control (DP) should not propose a single measurement approach for all transactions within the scope of the project. The Board tentatively decided that the forthcoming DP should set out a preliminary view that a current value approach based on the acquisition method should be required for transactions within the scope of the project that affect non-controlling shareholders of a receiving entity unless equity instruments of the receiving entity are not traded in a public market and one of the following conditions applies:

1. all non-controlling shareholders are the receiving entity’s related parties; or
2. the receiving entity chooses to apply a predecessor approach and all its non-controlling shareholders have been informed about, and not objected to, the receiving entity applying that approach.

The Board tentatively decided that the forthcoming discussion paper should propose a predecessor approach for all other transactions within the scope of the project. The Board will discuss at future meetings how a current value approach based on the acquisition method and a predecessor approach should be applied, and what information should be provided in the notes to financial statements.

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At its meeting on September 25, 2019, the IASB met to discuss the direction of this project. The Board tentatively decided on an approach that addresses practice issues by clarifying some principles in IAS 32 (Alternative C in Agenda Paper 5). The Board also tentatively agreed with the objectives and criteria set out in Agenda Paper 5 to determine the scope of the project (subject to some suggestions) and directed the staff to prepare a detailed project proposal. At a future Board meeting, the Board will discuss the detailed project proposal.

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At its meeting on September 25, 2019, the IASB met for preliminary discussions about the project’s second phase. In particular, the Board discussed its preliminary scope and considered a timetable for future Board discussions. The Board was not asked to make any decisions. At its October 2019 meeting, the Board will discuss potential accounting issues related to the classification and measurement of financial instruments.

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At its meeting on September 25, 2019, the IASB met to discuss the accounting model (model) being developed for regulatory assets and regulatory liabilities. For information only, a summary was provided of the tentative decisions made by the Board that determine the features of the model. The Board made further tentative decisions related to:

1. an analysis of the regulatory agreement boundary;
2. amendments to other IFRS standards; and
3. transition

The Board now expects to publish an Exposure Draft in the second quarter of 2020.

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

At its meeting on September 25, 2019, the IASB met to discuss guidance to be included in the revised IFRS Practice Statement 1, Management Commentary, (Practice Statement) on qualities that make up faithful representation. At a future meeting, the Board will discuss guidance on the enhancing qualitative characteristics of useful financial information and the content elements of management commentary, starting with the business model.

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At its meeting on September 25, 2019, the IASB to discuss amendments to the disclosure objectives in IFRS 13, Fair Value Measurement, including:

1. a high-level, catch-all disclosure objective;
2. specific disclosure objectives; and
3. other user information needs.

At a future meeting, the Board will discuss:

1. items of information to meet the disclosure objectives in IAS 19, Employee Benefits;
2. items of information to meet the disclosure objectives in IFRS 13; and
3. lessons learned from the Targeted Standards-level Review of Disclosures testing process and potential amendments to the Board’s draft guidance on developing and drafting disclosure objectives and requirements in future.

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At its meeting on September 25, 2019, the IASB met to discuss:

1. how to present the Exposure Draft that on July 24, 2019 the Board instructed the staff to prepare for balloting; and
2. the number of illustrative examples of statement(s) of financial performance that should be included in the Exposure Draft in order to illustrate the Board’s proposals.

The Board tentatively decided to:

1. present the Exposure Draft as a [draft] new IFRS Standard rather than as amendments to IAS 1, Presentation of Financial Statements; and
2. reduce to a handful the number of examples of the statement(s) of financial performance illustrating the Board’s proposals for subtotals.

The staff will continue to prepare the Exposure Draft for balloting.

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

On September 26, 2019, the IASB met to discuss an update on the first phase of the post-implementation review of IFRS 10, IFRS 11 and IFRS 12. The Board was informed that the staff will start holding outreach meetings with stakeholders in October. The Board was not asked to take any decision. The Board will consider an additional update at a future meeting.

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On September 26, 2019, the IASB met to discuss recent developments in the areas addressed by the 2010 Extractive Activities Discussion Paper. The Board was also updated on the project’s research activities and planned outreach for the remainder of the year. The Board was not asked to make any decisions. The Board will discuss the feedback from outreach at a future meeting.

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