At its meeting on July 20-21, 2021, the IASB met to:

1. discuss feedback from outreach in the first phase of the post-implementation review of the classification and measurement requirements in IFRS 9; and
2. decide on matters to examine further in the second phase.

The Board expects to approve the publication of, and set a comment period for, the request for information at a future meeting. The Board expects that the request for information will be published around the end of September 2021.

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

At its meeting on July 20-21, 2021, the IASB met to discuss feedback on the Request for Information. The Board discussed:

1. feedback from comment letters;
2. feedback from outreach it undertook between January and May 2021; and
3. an update to the academic literature review.

The Board was not asked to make any decisions. The Board will decide at a future meeting whether to take any action as a result of the post-implementation review. The Board would consider any such actions as part of the Third Agenda Consultation.

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

At its meeting on July 20-21, 2021, the IASB decided to extend the comment period for the Exposure Draft from 210 days to 293 days, so that it ends on January 12, 2022. The Board noted that this unusually long comment period is justified only because of the unique nature of, and significant new thinking in, the proposals. In particular, the comment period will allow more time for preparers to conduct fieldwork and provide feedback on the practical application of the proposals.

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

At its meeting on July 20-21, 2021, the IASB redeliberated its preliminary views on the subsequent accounting for goodwill, and in particular whether to reintroduce amortization of goodwill. As part of its redeliberation on whether to reintroduce amortization of goodwill, the Board discussed disclosures about business combinations and improving the effectiveness of the impairment test in IAS 36, Impairment of Assets. The Board was not asked to make any decisions. The Board will continue redeliberating its preliminary views at a future meeting.

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

At its meeting on July 20-21, 2021, the IASB discussed requirements for the transition to, and early application of, the proposed amendments to IAS 1. The Board also discussed due process, including permission to begin the balloting process.

The Board tentatively decided to: (i) require entities to apply the proposed amendments retrospectively in accordance with IAS 8; and (ii) provide no exemption for first-time adopters.

The Board also tentatively decided to permit an entity to apply the proposed amendments earlier than the effective date. 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 process for balloting the exposure draft. The Board plans to publish the exposure draft in the fourth quarter of 2021.

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

At its meeting on July 20-21, 2021, the IASB discussed requirements for the transition to, and early application of, the proposed amendments to IAS 7. The Board also discussed due process, including permission to begin the balloting process.

The Board tentatively decided to: (i) require entities to apply the proposed amendments retrospectively in accordance with IAS 8; and (ii) provide no exemption for first-time adopters. The Board also tentatively decided to permit an entity to apply the proposed amendments earlier than the effective date.

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 process for balloting the exposure draft. The Board plans to publish the exposure draft in the fourth quarter of 2021.

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

At its meeting on July 20-21, 2021, the IASB received an update on feedback on the Proposed IFRS Taxonomy Update and the next steps for finalizing it. The Board was not asked to make any decisions. The Board will begin the balloting process and expects to issue the IFRS Taxonomy Update in the fourth quarter of 2021.

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

At its meeting on July 20-21, 2021, the IASB met to redeliberate some of the proposals in the Exposure Draft relating to classification in categories in the statement of profit or loss, and made a number of tentative conclusions in this regard. The Board will continue to redeliberate the project proposals at future meetings.

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