At its meeting on September 20-22, 2022, the IASB met to continue analyzing feedback on the classification and measurement requirements in IFRS 9. The IASB considered six matters raised in the feedback about how entities would apply requirements not specifically covered in the RFI: (i) application of the derecognition requirements to financial assets; (ii) cash received via electronic transfer as settlement for a financial asset; (iii) contracts to buy or sell non-financial items; (iv) accounting for transaction costs on equity investments for which an entity has elected to present changes in fair value in other comprehensive income; (v) financial assets and financial liabilities held for trading; and (vi) purchased or originated credit-impaired financial assets. The IASB also considered feedback from the Accounting Standards Advisory Forum (ASAF) on two application questions about the requirements in IFRS 9 to assess the contractual cash flow characteristics of a financial asset.   At future meetings, the IASB will analyze feedback on the remaining topics being considered in this post-implementation review.

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At its meeting on September 20-22, 2022, the IASB met to continue its discussions on the accounting for financial instruments containing obligations for an entity to redeem its own equity instruments, including written put options on non-controlling interests. The IASB tentatively decided to propose certain clarifying amendments to IAS 32. The IASB also tentatively decided to clarify that written put options and forward purchase contracts on an entity’s own equity instruments are required to be presented gross, instead of net. The IASB will discuss other topics set out in the project plan at future meetings.

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At its meeting on September 20-22, 2022, the IASB met to redeliberate the interaction between the proposals in its Exposure Draft and IFRIC 12, Service Concession Arrangements. The IASB tentatively decided that the Standard: (i) clarify the intended interaction between the Standard and IFRIC 12. That is, an entity would apply IFRIC 12 first and then apply the requirements of the Standard to any remaining rights and obligations to determine if the entity has regulatory assets or regulatory liabilities; and (ii) include examples to illustrate that interaction. The IASB will continue to redeliberate the project proposals.

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At its meeting on September 20-22, 2022, the IASB met to continue its discussions on these two application questions: (i) how to measure the portion of an investment to be derecognized on the        disposal of an interest in an associate entity while retaining significant influence; and (ii) how to apply the equity method to changes in an associate’s net assets that change the investor’s ownership interest. The IASB also started to discuss the application question (iii) how should an investor recognize gains and losses that arise from the sale of subsidiary to an associate, applying the requirements in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures. The Board made a tentative decision re item (ii) and asked the staff to carry out further research with respect to items (i) and (iii).  The IASB will discuss the project’s direction and other application questions within the scope of the project at future meetings.

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At its meeting on September 20-22, 2022, the IASB met to discuss how to clarify the requirements in IFRS 9 for assessing a financial asset’s contractual cash flow characteristics. With respect to general requirements, the Board tentatively decided to make a number of clarifying amendments to IFRS 9, including to add examples in order to illustrate the application of the contractual cash flow characteristics assessment to specific fact patterns. With respect to financial assets with non-recourse features and contractually linked instruments, the Board also tentatively decided to make a number of clarifying amendments to IFRS 9, including to add examples of relevant factors that an entity could consider when assessing the contractual cash flow characteristics of a financial asset with non-recourse features. The IASB will continue to discuss further potential clarifications of the requirements.

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At its meeting on September 20-22, 2022, the IASB met to discuss some of the preliminary views related to disclosures about business combinations that were expressed in the Discussion Paper, as follows: (i) Disclosure objectives; (ii) Information about business combinations; (iii) ‘Strategically important’ business combinations; (iv) Exemption from disclosing information; and (v)  Alternatives not considered further. Following these discussions, the Board made a number of tentative decisions. In the last quarter of 2022 the IASB will decide whether to proceed with its preliminary view that it    should retain the impairment-only model to account for goodwill or explore reintroducing amortization of goodwill. At future meetings the IASB will make decisions about: (i) other aspects of the disclosures about business combinations; (ii) whether to move the project from the research phase to the standard-setting phase; and (iii) other topics within the scope of the project.

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At its meeting on September 20-22, 2022, the IASB met to discuss its Extractive Activities research project. The scope and objective of the project is to explore: 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 users of financial statements; and removing the temporary status of IFRS 6. The IASB discussed: (i) findings from the first phase of the project; (ii) disclosure suggestions; and (iii) the plan for further research on developing requirements or guidance to improve the disclosure objectives and requirements of IFRS 6. The IASB plans to engage with a limited number of stakeholders, including users, preparers, regulators and auditors to explore further the suggestions discussed at this meeting.

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At its meeting on September 20-22, 2022, the IASB met to redeliberate the proposals in its Exposure Draft General Presentation and Disclosures relating to : (i) unusual income and expenses; (ii) entities with specified main business activities—associates and joint ventures; (iii) investments in subsidiaries, associates and joint ventures; (iv) classification of incremental expenses; (v) specified subtotals; and (vi) presentation of operating expenses. Following discussions, the Board made a number of tentative decisions in respect of these items. The IASB will continue to redeliberate the project proposals at future meetings.

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At its meeting on September 20-22, 2022, the IASB met to consider a sweep issue identified during the balloting of the amendments to IAS 1 that the IASB decided to make as part of this project. Specifically, the IASB discussed the requirements for early application of the amendments made to IAS 1 in 2020 in Classification of Liabilities as Current or Non-current (the 2020 amendments). The IASB tentatively decided to: (i) allow early application of the 2020 amendments; but (ii) after the issue of the 2022 amendments, require an entity that applies the 2020 amendments early also to apply the 2022 amendments. The IASB expects to issue the 2022 amendments in the fourth quarter of 2022.

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