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.

This feedback will help the Board to evaluate if the standard meets its objectives and assess the nature and extent of the implementation challenges.

 Section PS 3430 came into effect beginning on or after April 1, 2018, and based on PSAB’s Due Process Manual, and there is a two-year period before the Board decides if a post-implementation review (PIR) is needed.

PSAB assesses the need for a PIR on a case-by-case basis to determine the appropriate number of years before beginning a review and decides at its discretion.

The deadline for the feedback is May 24, 2024.

Access the news on the PSAB’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 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.

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.

Gensler explained three tenants behind the historical drive for mandatory disclosure:

• the public good nature of securities information
• misalignment between management and shareholder interests; and
• the imperative for efficient valuation

He also stressed the necessity of regulatory intervention to ensure consistent, comparable, and reliable information dissemination, drawing parallels between historical debates over mandatory versus voluntary disclosure.

Throughout his speech, Gensler emphasized the pivotal role of mandatory disclosure in fostering efficient markets, facilitating capital formation, and engendering investor trust. He also reaffirmed the SEC's commitment to upholding rigorous disclosure standards grounded in materiality, including enhanced disclosures on climate, cybersecurity, SPACs, and executive compensation.

Access the speech on the SEC’s website.

During the meeting, the IASB explained its reasons for suggesting a shortened comment period:

• IASB added the project on power purchase agreements as an urgent project in July 2023, following requests from stakeholders for a timely solution to the issue. Following the development of a possible solution by the staff, the IASB then discussed the problem at all meetings from December 2023 to March 2024.
• To achieve its objective of providing a timely solution as asked for by stakeholders, the IASB expects to publish an exposure draft in May 2024 and is currently aiming to finalize the amendments in 2024.
• Throughout the project, the IASB did extensive outreach with stakeholders - "shared the sandbox" with them - so stakeholders know what is coming and will only need to comment on technical details.
• The IASB has communicated the status of the project and the progress made throughout the project.
• The proposed changes are narrow-scope amendments affecting particular requirements in IFRS 9 only.
• Implementing the proposed amendments would be manageable for preparers.

The DPOC followed the reasoning of the IASB and only asked a few clarifying questions. It finally agreed to a shortened comment period of 90 days.

Access the agenda paper and the recording of the DPOC meeting on the IASB’s website.

The updates ensure that the expectations for federally regulated financial institutions (FRFIs) in the Guideline’s Annex 2-2 align with the International Sustainability Standards Board’s final IFRS S2 Climate-related Disclosures standard.

This streamlines climate disclosures and promotes transparency of climate-related risks.

OSFI is also releasing new Climate Risk Returns that will collect standardized climate-related data on emissions and exposures from FRFIs. These forms are being released after an extensive consultation. OSFI is also publishing a What We Heard Report with the feedback it received. The data provided will allow OSFI to implement evidence-based policy development, regulation, and supervision related to climate risks.

Access the press release on the OSFI’s website.

The podcast discusses the following:

• the ISSB’s work with jurisdictions around the world;
• the recent SEC ruling;
• key takeaways from the SSAF meeting, the ISSB meeting and the TIG meeting;
• the ISSB's strategic direction and balance of activities for the next two-year work plan;
• the IFRS Sustainability Disclosure Taxonomy; and
• further ISSB activities in March.

Access the press release on the IFRS Foundation website.

The high-level summary is designed to highlight non-assurance services, relationships, interests or circumstances that are prohibited for PIE audits. It will be a valuable reference to stakeholders, including regulators and audit oversight bodies, audit firms and individual audit practitioners, the corporate governance community, investors, preparers, and educational bodies or institutions.

The high-level summary is not a substitute for reading the Code.

Access the press release and the summary on the IESBA’s website.