At its meeting on March 22-24, 2022, the IASB met to discuss: (i) a summary of the feedback on the Request for Information; and (ii) a plan for the next phase of the project. The IASB was not asked to make any decisions. At future meetings the IASB will analyze feedback on: (a) contractual cash flow characteristics (including financial assets with sustainability-linked features and contractually linked instruments); (b) business model assessment; (c) equity instruments and other comprehensive income; (d) modifications to contractual cash flows; (e) amortized cost and the effective interest method; and (f) other matters related to IFRS 9 classification measurement requirements. The IASB expects to complete its discussions in the third quarter of 2022.

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At its meeting on March 22-24, 2022, the IASB met to discuss the reclassification of financial instruments issued by an entity as financial liabilities or equity instruments.  Questions have arisen in practice about whether IAS 32 permits or requires reclassification after initial recognition. The IASB was not asked to make any decisions. The IASB will consider proposals for potential reclassification principles.

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At its meeting on March 22-24, 2022, the IASB met to discuss feedback on its proposals for a revised practice statement on management commentary, as set out in the Exposure Draft. The IASB was not asked to make any decisions. The IASB will continue to discuss feedback on the Exposure Draft at future meetings and decide on a plan for the project’s next phase in the second quarter of 2022.

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At its meeting on March 22-24, 2022, the IASB met to consider its plan to explore: (i) developing requirements or guidance to improve an entity’s disclosures about its exploration and evaluation expenditure and activities in order to provide more useful information to primary users of financial statements; and (ii) removing the temporary status of IFRS 6 Exploration for and Evaluation of Mineral Resources. The plan outlined the research the IASB would need to do to understand: (a) users’ information needs; (b) why users do not currently get information they need; (c) the costs of requiring entities to provide information that users need; and (d) whether the comprehensive review of extractive activities as envisaged by the IASB in 2004 has been completed and, consequently, whether the temporary status of IFRS 6 can be removed. The IASB decided that, as part of its work on exploring the removal of IFRS 6’s temporary status, it would explore removing paragraphs 13 and 14 of the Standard. The IASB decided to proceed with the plan. The IASB will begin its research as set out in the project plan.

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At its meeting on March 22-24, 2022, the IASB met to redeliberate some of the proposals in the Exposure Draft relating to: (i) some of the proposals for entities with specified main business activities; and (ii) the location and cross-referencing of management performance measures. Following its discussions, the Board made a number of tentative conclusions with regard to each topic. The IASB will continue to redeliberate the project proposals at future meetings.

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At its meeting on March 22-24, 2022, the IASB met to deliberate the objective and scope of its Business Combinations under Common Control project. The IASB tentatively decided to update the project's objective to reflect the stage of the project and to emphasize that, in developing reporting requirements, the IASB is considering the needs of users of the receiving entity’s (that is, the reporting entity’s) financial statements. The IASB tentatively decided not to expand the project’s scope to address: (a) reporting by any entity in a business combination under common control other than the receiving entity; (b) the reporting, in separate financial statements, by a receiving entity obtaining control of an investment in a subsidiary from a party under common control; or (c) the reporting of common control transactions other than business combinations under common control. The IASB will deliberate other proposals arising from the project at a future meeting.

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At its meeting on March 22-24, 2022, the IASB met to discuss new financial reporting issues to be added to the IASB’s work plan for 2022 to 2026. After its discussion, the Board The IASB tentatively decided to shortlist these projects for discussion at a future meeting (in alphabetical order): (a) climate-related risks; (b) cryptocurrencies and related transactions; (c) going concern disclosures; (d) intangible assets; (e) operating segments; (f) pollutant pricing mechanisms; and (g) statement of cash flows and related matters. The IASB will decide which of the shortlisted projects to add to its work plan for 2022 to 2026 at a future meeting.

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