At its meeting on January 29, 2020, the IASB discussed feedback on its tentative decision on when each measurement approach would apply to transactions within the scope of the project and explored whether and, if so, how the exemption and the exception could be extended to entities whose equity instruments are traded in a public market. The Board was not asked to make any decisions. The IASB tentatively decided that when a receiving entity in a business combination under common control reports on that combination by applying a predecessor approach it would be required:

1. to measure consideration paid in assets at the carrying amounts of those assets at the date of the combination;
2. to measure consideration in the form of incurred liabilities towards the transferor—or liabilities assumed from the transferor—at the carrying amounts of those liabilities, as determined in accordance with applicable IFRS Standards, on the initial recognition of those liabilities at the date of combination;
3. to recognize transaction costs as an expense in the statement of profit or loss in the period in which they are incurred;
4. to recognize costs related to the issue of debt or equity instruments in accordance with IAS 32 and IFRS 9; and
5. to recognize as a change in equity any difference between the consideration paid and the carrying amounts of assets and liabilities received.

The Board tentatively decided not to prescribe: how a receiving entity would measure consideration paid in its own shares; and in which component or components of its equity a receiving entity would present any difference between the consideration paid and the carrying amounts of assets and liabilities received. These tentative decisions complete the Board’s discussions about how a predecessor approach would be applied by a receiving entity. At a future meeting, the Board will discuss what information an entity should disclose about its transactions within the scope of the project. The Board will also decide what type of consultation document to publish for this project and whether to begin the balloting process for that document.

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

At its meeting on January 29, 2020, the IASB continued its discussion on information that could meet the specific disclosure objective on expected future cash flows for defined benefit plans that the Board had tentatively agreed at its July 2019 meeting and made a number of tentative decisions in this regard. The Board also considered how its tentative decisions about disclosures in IAS 19 compare to the disclosure requirements in the Standard and whether those tentative decisions should be refined. As a result, the Board tentatively decided:

1. on a number of changes to the required disclosures in respect of defined benefit plans;
2. to leave unchanged its tentative decisions on defined contribution plans, short-term employee benefits, other long-term employee benefits and termination benefits; and
3. re multi-employer plans, to identify information an entity may but is not required to provide to meet the specific disclosure objective on the nature and risks of the plans.

At a future meeting, the Board will consider (a) whether to amend IFRS 13 to include a separate disclosure objective and information that could be used to meet the objective on the effect of fair value measurement on the statement of financial performance; and (b) will also discuss the lessons learned during the testing phase of the targeted Standards-level review of disclosures and any resulting potential amendments to the Board’s draft guidance for developing and drafting disclosure objectives and requirements.

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

At its meeting on January 30, 2020, the IASB heard an update on the project including its background, a description of the ‘capped’ ultimate costs adjustment model and the project’s next steps. The Board was not asked for a decision. At a future meeting, the IASB staff will present the Board with illustrative examples to compare the accounting outcome under the existing requirements and under the ‘capped’ ultimate costs adjustment model.

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

At its meeting on January 30, 2020, the IASB met to finalize its amendments to IFRS 3. The Board tentatively decided:

1. to require an entity to apply the amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2022;
2. to permit an entity to apply the amendments earlier if at the same time the entity also applies all the amendments made by Amendments to References to the Conceptual Framework in IFRS Standards; and
3. not to require an entity that applies the amendments early to disclose that it has done so.

The Board decided that the amendments do not require re-exposure and all of the Board members confirmed they were satisfied the Board has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the balloting process for the amendments. No Board member indicated that he or she intends to dissent from the issuance of the amendments.

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

At its meeting on January 30, 2020, the IASB met to decide whether to add to its work plan a project to amend aspects of IAS 37, and, if so, what the scope of the project should be. The Board decided to add to its work plan a project to: (i) align the liability definition and requirements for identifying liabilities in IAS 37 with the Conceptual Framework for Financial Reporting; (ii) clarify which costs to include in the measure of a provision; and (iii) specify whether the rate at which an entity discounts a provision should reflect the entity’s own credit risk. The Board decided not to include any other matters in the scope of the project. The IASB staff will develop a detailed project plan for the Board to consider at a future meeting.

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

At its meeting on January 30, 2020, the IASB met, discussed and made tentative decisions with respect to: (i) the relationship between the Board’s tentative decisions to date in Phase 2 of the project and the end of application requirements for the Phase 1 amendments to IFRS 9 and IAS 39; (ii) the potential effects of IBOR reform on IFRS Standards other than those related to financial instruments accounting (such as IFRS 4, IFRS 13, IFRS 16 and IFRS 17); and (iii) the potential disclosure requirements to accompany the Board’s tentative decisions for Phase 2 of the project. At future Board meetings, the Board will discuss the end of application of the amendments proposed in Phase 2 of the project; voluntary or mandatory application of the proposed amendments; the transition and effective date of the proposed amendments; and due process steps.

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

At its meeting on January 30, 2020, the IASB met, discussed the feedback on its Exposure Draft and made tentative conclusions with respect to the following items:

1. the scope exclusion from IFRS 17 for some credit card contracts;
2. transition—the prohibition from applying the risk mitigation option retrospectively;
3. business combinations—contracts acquired in their settlement period;
4. interim financial statements; and
5. asset for insurance acquisition cash flows—transition and business combinations.

At future meetings, the Board will redeliberate the remaining topics for discussion in response to the feedback on the Exposure Draft.

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

At its meeting on January 30, 2020, the IASB Board met to receive an oral update on:

1. the due process steps taken to develop the IFRS Taxonomy update for IBOR Part I);
2. feedback on the Proposed IFRS Taxonomy Update; and
3. next steps in finalizing the update to the IFRS Taxonomy.

The Board was not asked to make any decisions.

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