The AcSB expressed overall support for the IASB's proposed disclosure and financial statement presentation requirements in the Exposure Draft. They believe these proposals, which respond to the feedback from the June 2018 Discussion Paper "Financial Instruments with Characteristics of Equity," will offer more decisive and helpful information to financial statement users about complex financial instruments, thus enhancing comparability.

However, the AcSB believes that IASB's current Exposure Draft should have concentrated solely on disclosures and financial statement presentation as the specific classification and measurement proposals do not fulfill the IASB's objectives for this project. Nonetheless, should the IASB proceed with these classification and measurement proposals, the AcSB recommends additional modifications and clarifications.

Access the comment letter on the IFRS’s website.

The purpose of the session is to inform academics involved in teaching financial reporting modules on the new requirements in IFRS 18 coming into effect on January 1, 2027. The session also aims to stimulate academic discussion and research that will be useful for the post-implementation review of IFRS 18.

The workshop will be structured in three sections: 1) New defined subtotals in the statement of profit or loss; 2) Requirements for aggregation and disaggregation, and 3) Management-defined performance measures.

Access the registration details on the EAA’s website.

The podcast highlights some of the projects that were discussed during the meeting, including:

• climate-related and other uncertainties in the financial statements
• management commentary
• power purchase agreements

The podcast can be accessed here on the IFRS Foundation website

The proposals in the Exposure Draft respond to stakeholder feedback that reporting on acquisitions poses difficulties for both investors and companies:

• Investors lack sufficient and timely information about acquisitions and post-acquisition performance.
• Companies seek to provide useful information to investors but see risks and costs in providing some information, particularly commercially sensitive information that could be used by competitors.

Stakeholders have expressed concerns regarding the complexity and effectiveness of the impairment test for operations with allocated goodwill. In response, the IASB is proposing amendments to IFRS 3 Business Combinations. These changes would mandate companies to disclose objectives and performance targets of significant acquisitions, along with their subsequent achievements. Additionally, information on expected synergies for all material acquisitions would be required, with safeguards in place to protect sensitive acquisition objectives. The proposed amendments also include targeted improvements to the impairment test under IAS 36 Impairment of Assets.

The IASB is inviting feedback on the Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment by July 15, 2024.

Access the press release and the exposure draft on the IASB’s website.

The IASB is soliciting feedback on proposed amendments to IFRS 3 Business Combinations. These amendments would necessitate companies to divulge the objective and associated performance targets of their most significant acquisitions, along with whether these targets are achieved in subsequent years.

Further, companies must furnish details regarding anticipated synergies for all substantial acquisitions. Nevertheless, the proposals ensure that companies need not disclose information that could jeopardize their acquisition objectives. Additionally, the IASB suggests complementary adjustments to IAS 36 Impairment of Assets to refine the impairment test. Interested parties have until July 15, 2024, to provide their comments on the ED.

Access the press release and the Investor Perspectives article on the IASB’s website.

The 2024 IFRS Accounting Taxonomy is consistent with IFRSs issued by the IASB on January 1, 2024, including those issued but still not effective. The 2024 IFRS Taxonomy also incorporates the changes made to the IFRS Taxonomy in 2023, reflecting amended IFRSs and standard reporting practices by companies that apply IFRS Accounting Standards and general taxonomy improvements.

Access the press release on the IFRS’s website.

The series on perspectives papers is now as follows:

• The Case for Realigning Reporting Standards with Modern Value Creation(September 2021)
• Human Capital Introspective(May 2022)
• Rethinking Brand Value(September 2022)
• Deciphering Technology(July 2023)
• Data and Valuation(March 2024)

Access the press release on the IVSC’s website.

Below is an analysis of all changes made to the work plan since our last analysis on February 29, 2024

Standard-setting projects

• Business combinations — Disclosures, goodwill and impairment— Following the publication of the exposure draft on March 14, 2024, the next expected project step is now the discussion of the feedback received expected to begin in H2 2024 
• Financial instruments with characteristics of equity — Discussion of the feedback received on the exposure draft is now expected to begin in May 2024 (previously Q2 2024)

Maintenance projects

• Amendments to the classification and measurement of financial instruments — Final amendments are now expected to be published in May 2024 (previously Q2 2024)

IASB publications expected in March

•  IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7— as part of the IFRS Accounting Taxonomy 2024
• IFRS Accounting Taxonomy Update — Common practice (Financial instruments) and general improvements— as part of the IFRS Accounting Taxonomy 2024

The above is a faithful comparison of the IASB and ISSB work plan on 29 February 2024 and 26 March 2024.

For access to the current work plan at any time, please click here.