At its meeting on February 16-17, 2021, the IASB met and discussed (i) potential refinements to the disclosures an entity would be required to make about the financial instruments it issues; and (ii) the classification of financial instruments with obligations that arise only on liquidation. The Board will continue to discuss these topics at a future meeting.

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

At its meeting on February 16-17, 2021, the IASB met to discuss sweep issues identified in preparing for balloting the Exposure Draft of a revised IFRS Practice Statement 1, Management Commentary, including (i) the definition of material information; and (ii) clarifications and refinements. The Board aims to publish the Exposure Draft in April 2021.

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

At its meeting on February 16-17, 2021, the IASB met to review the due process steps taken in developing the draft request for information. 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 publish the request for information. The Board: (i) tentatively decided to allow 120 days for comment on the request for information; and (ii) decided to publish the request for information for public comment. The Board expects to publish the request for information in March 2021.

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

At its meeting on February 16-17, 2021, the IASB met to discuss extractive activities in the minerals and oil and gas industries, the common accounting challenges relating to those extractive activities and the reasons for those challenges. This discussion will help the Board to decide, at a future meeting, whether to replace or amend IFRS 6, Exploration for and Evaluation of Mineral Resources. The Board considered a summary of:

1. the life cycles of a minerals property and an oil and gas property;
2. the activities performed in each phase of those life cycles;
3. some of the financial reporting challenges associated with each phase; and
4. the reasons for those financial reporting challenges.

The Board was not asked to make any decisions. The Board will begin its discussion on the scope of the project next.

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