Date recorded:

The IASB met on Tuesday 26 January 2021 by video conference. 

Board Work Plan: This was a regular update of the work plan. Within the next six months the IASB expects to finalise amendments related to three projects and publish consultation documents for six projects.

Amendments to be finalised:

  • Disclosure Initiative—Accounting Policies (February 2021)
  • Accounting Policies and Accounting Estimates (February 2021)
  • Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Q2 2021)

Consultation documents to be published:

  • Exposure Draft (ED) on Rate-Regulated Activities (January 2021)
  • ED on the Disclosure Initiative—Targeted Standards-level Review of Disclosures (March 2021)
  • ED on Lack for Exchangeability (March 2021)
  • Request for Information (RFI) on the Agenda Consultation (March 2021)
  • ED on Management Commentary (April 2021)
  • RFI on the classification and measurement requirements in IFRS 9 (Q3 2021)

The Board will not start any remaining research pipeline projects or the PIR of IFRS 5. Rather, as decided at the Board’s October 2020 meeting, the Board will obtain updated information about those projects as part of the 2020 Agenda Consultation to help reassess their relative priority.

The Board will hold an extraordinary meeting early in February to determine whether a project needs to be added to update the condition in the amendment to IFRS 16 with regard to COVID-19-related rent concessions that any reduction in lease payments affects only payments originally due on or before 30 June 2021.

Maintenance and Consistent Application: The staff presented the December 2020 IFRIC Update. 

Disclosure Initiative—Subsidiaries that are SMEs: The IASB is developing a Standard setting out reduced disclosure requirements for subsidiaries that apply IFRS Standards but meet the definition of an SME. At this meeting, the Board discussed disclosures about cash-generating units containing goodwill and intangible assets with indefinite useful lives and the scope of the proposed Standard. The Board decided that it apply to entities that, at any point during their reporting period, are subsidiaries of a parent presenting consolidated financial statements applying IFRS Standards and that the scope should not be limited to single entity financial statements. They also decided that the consultation document should be an ED.

Primary Financial Statements: In December 2019, the IASB published Exposure Draft ED/2019/7 General Presentation and Disclosures. At the December 2020 meeting, the Board began discussing summarised feedback from the 215 comment letters it received, outreach activities, fieldwork and a review of academic literature. The Board did not discuss four of the 11 papers and at this meeting continued its discussions. The staff also presented a redeliberation plan.

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