At its meeting on December 14-16, 2020, the IASB met to discuss sweep issues arising from the balloting process. The Board tentatively decided not to add transition requirements and an effective date to the amendments to IFRS Practice Statement 2. The Board tentatively decided that paragraph 117B of IAS 1 should state that accounting policy information is expected to meet the definition of material if the accounting policy information is needed to understand other material information in the financial statements. The Board continues to expect to issue the final amendments in the first quarter of 2021.

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

At its meeting on December 14-16, 2020, the IASB met to discuss feedback on its Exposure Draft, General Presentation and Disclosures. The Board was not asked to make decisions. The Board will continue discussing feedback on the Exposure Draft and will discuss plans for redeliberating the project proposals at the next meeting.

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

At its meeting on December 14-16, 2020, the IASB met to discuss objectives, activities and an expected time line for the first phase of the Post-implementation Review of the classification and measurement requirements in IFRS 9, Financial Instruments. The Board was not asked to make any decisions. The Board plans to perform outreach in the first half of 2021 to assist the Board in identifying matters on which it will consult publicly in a Request for Information. The Board expects to publish the Request for Information in the third quarter of 2021.

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

At its meeting on December 14-16, 2020, the IASB met to discuss whether to move the Financial Instruments with Characteristics of Equity project from the research program to the standard-setting program. The Board decided to: (i) add the Financial Instruments with Characteristics of Equity project to its standard-setting program; and (ii) continue using the expertise of advisory bodies instead of establishing a dedicated consultative group for the project. At future Board meetings, the Board will continue discussing topics included in the project plan that were discussed at the October 2019 Board meeting.

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

At its meeting on December 14-16, 2020, the IASB met to discuss illustrative examples of applying the capped approach to pension benefits that vary with asset returns. The approach would cap the projection of the cash flows that vary with asset returns at the discount rate specified in IAS 19 Employee Benefits. The Board discussed how the capped approach would affect the outcome of applying the requirements in IAS 19. The Board was not asked to make any decisions. In February 2021 the Board expects to complete its review of the research and discuss an initial analysis of how the capped approach could be introduced into IAS 19.

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