At its meeting on December 14-16, 2021, the IASB met to discuss the accounting for: (a) financial instruments with contingent settlement provisions; and (b) the effects of applicable laws on contractual terms of financial instruments. The IASB tentatively decided to propose a number of amendments to IAS 32, Financial Instruments: Presentation, in respect of both of these topics. The IASB will continue its discussions on other topics included in the project plan, including the classification of financial instruments that are subject to shareholders’ discretion, at future meetings.

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

At its meeting on December 14-16, 2021, the IASB agreed on a plan for redeliberating the proposals in its Exposure Draft. The IASB will begin redeliberating the proposals at a future meeting.

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

At its meeting on December 14-16, 2021, the IASB met to redeliberate some of the proposals in the Exposure Draft relating to: (a) unusual income and expenses; and (b) income and expenses classified in the investing category. The IASB made a number of tentative decisions in respect of both of these topics. The IASB will continue to redeliberate the project proposals at future meetings.

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At its meeting on December 14-16, 2021, the IASB met to discuss feedback on its Discussion Paper. The IASB discussed feedback on (a) the scope of the project and (b) selecting the measurement method. The IASB was not asked to make any decisions. The IASB will continue discussing feedback on other aspects of the Discussion Paper at a future meeting.

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At its meeting on December 14-16, 2021, the IASB discussed how the project should proceed. In particular, the IASB tentatively decided to confirm its proposals in the Exposure Draft subject to making a number of changes, as follows: (a) not prescribing how, at the commencement date, a seller-lessee determines the proportion of the previous carrying amount of the asset that relates to the right of use the seller-lessee retains; (b) requiring a seller-lessee to subsequently measure the liability arising from the leaseback by applying paragraphs 36–46 of IFRS 16; and (c) for the purposes of applying paragraphs 36–46 of IFRS 16, requiring the seller-lessee to apply the term ‘lease payments’ or ‘revised lease payments’ in such a manner that it does not recognize any amount of the gain or loss that relates to the right of use retained. At a future meeting the IASB will discuss the transition requirements for the proposed amendments, as well as the IASB’s compliance with applicable due process steps.

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At its meeting on December 14-16, 2021, the IASB met to (a) complete its discussion of the feedback on its Request for Information re the Third Agenda Consultation; and (b) finalize the criteria that the IASB will use when assessing the priority of financial reporting issues that could be added to its work plan. The IASB tentatively decided not to make any changes to the list of criteria but to proceed with the list as proposed in the Request for Information. After further discussion, the IASB will make decisions about the strategic direction and balance of its activities; and about the new financial reporting issues to be added to its work plan.

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